Chicago, IL (PRWEB) May 11, 2013
The Federal Savings Bank is happy to echo news that the Michigan Attorney General Bill Schuette, and Jeff Barnes, director of the Michigan Veterans Affairs Agency, announced on May 9th a $5 million state program that will provide financial assistance to military members, veterans and their families. The Michigan Veterans Homeowners Assistance Program is intended to help those servicemen who are at risk of foreclosure or otherwise struggling due to the housing crisis.
"Veterans have special protections from foreclosure under the law, but in many cases those protections were ignored by lenders, who pursued improper foreclosures," Schuette told the source.
Veterans in need may also be eligible for assistance through a VA home loan or VA loan refinance. Contact the Federal Savings Bank to learn more about your options and eligibility.
One aspect of the program seeks to protect military members who are deployed, MLive reported. In that situation, it's more of a challenge for a homeowner to deal with foreclosure and mortgage issues from afar. It's also easier for them to be taken advantage of by a bank. Working with a veteran-owned bank like the Federal Savings Bank can ensure that your financial institution has your best interests in mind.
The Michigan Veterans' Homeowners Assistance Program (MiVHAP) puts no limit on the amount of assistance that can be offered, and it is available on a first-come, first-serve basis, according to MLive. The Great Lakes State has roughly 700,000 veterans in addition to 12,000 troops active in the Michigan National Guard.
According to the source, the new program is expected to provide eligible residents a total of $780 million in benefits. The $5 million needed to get it off the ground will come from a $97 million settlement the state won from a number of bank mortgage providers for poor foreclosure practices. This program will especially assist veterans who have been struggling with a weak job market and The Federal Savings Bank invites all VA's to call in and also ask about an Interest Rate Reduction Refinance Loan (IRRRL)to further help with their financial needs.
Anyone interested in assistance from the MiVHAP can fill out an application on the Michigan government web site.