Fed aid extended to jobless homeowners

[SpartanDem]

Source: Detroit News


Washington -- Unemployed Michigan homeowners could qualify for up to $50,000 in mortgage aid under an expansion of a federal program targeted at states with chronically high jobless rates.

The money is part of an additional $3 billion announced Wednesday for the "Hardest Hit" program that will distribute money to 18 states. Michigan will get $129 million.

Homeowners can apply for help through their bank or mortgage lender. Companies have to apply to the Michigan State Housing Development Authority to participate.


This new funding supplements the $154.5 million the state began distributing July 12 for the up to 17,000 qualified unemployed Michigan families who face the loss of their home.




Read more: http://detnews.com/article/20100812/METRO/8120408/1409/Fed-aid-extended-to-jobless-homeowners#ixzz0wPeFekCU

[dixiegrrrrl]

1. This is bank/lender aid, really.

If I have no income, getting another loan, or even a grant, to give my bank a few months more mortgage payments,
has not solved the problem that the jobs are gone, few existing jobs will pay much more over minimum wage, with no health or other benefits. ( Yeah, I know there are rare exceptions to this).

but c'mon...."For the first time in four years, Michigan does NOT have the highest unemployment rate in the United States. That dubious distinction now belongs to Nevada.
Michigan's unemployment rate fell – from 14 percent in April to 13.6 percent in May, according to recent Department of Labor report."
http://www.csmonitor.com/Money/new-economy/2010/0621/Unemployment-rate-Michigan-Nevada-trade-places-as-No.-1-jobless-state ( from June 21st)

.4% is not a recovery, and 13.6 % is the government figures, which does not count those who have lost benefits,
those who are not seeking work, those who are working at much lower paid jobs, thus cannot afford the monthly nut anyhow.

[Lance_Boyle]

2. This is the same program announced yesterday, but with more detail

about precisely which ratholes we will toss this money down.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=433&topic_id=406899&mesg_id=406899 <-- yesterday's discussion

My point on this remains the same - if you require applicants for this aid to prove that they will be able to resume payments within 2 years, you are pretty much requiring them to document income. Seeing as how qualified applicants for this program are unemployed, how will they document that they will be able to resume payment within 2 years?