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HAF participants must require homeowners to attest that they experienced financial hardship after January 21, 2020. The attestation must describe the nature of the financial hardship (for example, job loss, reduction in income, or increased costs due to healthcare or the need to care for a family member).
In Michigan, recent legislation provides property tax relief for senior citizens who are facing financial hardship. Homeowners who meet federal poverty income standards can apply for an exemption from property taxes.
8 Αυγ 2022 · The Homeowner Assistance Fund (HAF) authorized by the American Rescue Plan Act, provides $9.961 billion to support homeowners facing financial hardship associated with COVID-19. HAF funds were distributed to states, U.S. Territories, and Indian Tribes.
13 Νοε 2021 · A short sale is a home sale in which the owner owes more than what the home is worth. A seller usually must meet several other requirements to qualify for a short sale besides being underwater on their loan. Short sales can have unexpected tax implications and an impact on a seller's credit report.
Michigan Home Repairs/State Emergency Relief - can assist with home repairs needed to remedy unsafe living conditions and repair essential home systems. This program offers repairs for the furnace, hot water heaters, and septic systems as well as non energy-related repairs. Apply through MiBridges.
6 Ιαν 2022 · One of those options is a “short sale”, also known as a preforeclosure sale. In a short sale, the homeowner makes an agreement with the bank to sell the house for less than what is owed on the mortgage.
To qualify for a short sale, you will need to request a loss mitigation application from your servicer, send in a complete application and supporting documents, and receive approval from your mortgage servicer and the owner of your loan. Make sure you understand the terms of your specific short sale, including tax implications.
