National Foreclosure Settlement - HARP Grant Program Available
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As of October 3, 2014
Home Affordable Refinance Program (HARP) funds available: $697,480
Michigan Attorney General Bill Schuette and other participating state Attorneys General entered into a settlement with the five leading bank mortgage servicers. The National Mortgage Settlement (NMS) requires servicers to provide monetary sanctions and relief and mandates comprehensive reforms in mortgage loan servicing. Michigan received $97.2 million for the purpose of creating the Homeowner Protection Fund and a portion of these funds were appropriated by the Legislature to MSHDA.
HARP Refinance - for all borrowers applying for the Home Affordable Refinance Program (HARP). Borrowers may be eligible to receive $500 toward their closing costs. Grants support refinances for single-family/one-unit, owner occupied and principal residences.
Part of the National Mortgage Settlement funds were set aside to aid homeowners that qualified for a HARP refinance. Usage of the HARP program has been minimal and Michigan's State legislature began looking at a better use of the remaining funds. $3.7 million has been moved to fund the blight elimination needs across the state and the remaining funds will continue to assist homeowners that are refinancing through the HARP program.
Important program links are below. Please read the step-by-step instructions completely:
- Step-by-Step Instructions
Frequently Asked Questions - Rev. 7/22/2013
- HARP Refinance - Terms & Guidelines Rev. 7/22/2013
- HARP Refinance Assistance Application/Affidavit
- State of Michigan Vendor and Electronic Funds Transfer Registration
National Mortgage Settlement (NMS) funds are available on a first-come, first-served basis; with preference given to disabled veterans. It is the responsibility of the borrowers and Lenders to monitor MSHDA website for funding availability and funding levels.