Economy
12:38 am
Thu April 11, 2013

Michigan's home foreclosure rate closer to the national average

Michigan’s home foreclosure rate is no longer among the nation’s worst.

Realty Trac reports Michigan ranked 16th in the nation in home foreclosures in March.  That is a far cry from a few years ago when the state had the nation’s highest foreclosure rate.

Mary Townley is with the Michigan State Housing Development Authority.  She credits the authority’s “Step Forward” program for providing assistance to people at risk of losing their homes…

“We may or may not be able to help them, but we will also give them direction to one of the foreclosure prevention counselors, that will help them may be doing some rebudgeting…may be work with their lender to do a loan modification,” says Townley, who is MSHDA’s director of home ownership. 

Meanwhile, checks are going out to some people in Michigan who lost their homes to foreclosure in the past few years. 

The money is coming from a multi-billion dollar settlement involving mortgage companies that made mistakes in the foreclosure process. 

Most of the checks will be for less than a thousand dollars.