Chase has announced that it will participate in Michigan’s Hardest Hit Fund to help borrowers who live in the state and are receiving Michigan unemployment benefits. The program may pay up to half of qualified borrowers’ monthly mortgage for up to 12 months on their primary residence, saving them up to $9,000. It’s available for Chase customers who are behind on their mortgage payments, as well as those who are current. Chase will roll out the program once the Michigan State Housing Development Authority (MSHDA) has all of the logistics in place.
“We’re pleased to offer one more way to help Michigan homeowners who are struggling with their payments,” said Sarah McClelland, president of Chase in Michigan. “We’ve been working closely with MSHDA on the details so this will work smoothly for homeowners.”
Chase already has set up face-to-face loan counseling centers in Detroit and Troy, has sent counselors to 36 local outreach events and offered more than 900,000 mortgage modifications to struggling homeowners nationwide. MSHDA designed this portion of the Michigan program to help unemployed borrowers in making mortgage payments on their own home.
For example, a borrower who has been making a $1,400 monthly payment for principal, interest, property taxes and homeowners insurance may be eligible to pay only $700 per month, with the state paying the difference.
When a homeowner calls Chase, a Chase counselor will ask basic eligibility questions and then send an application package to the homeowner by overnight delivery. The homeowner must complete and return the package and other required information—such as asset and income documentation—by fax or overnight delivery to Chase.
Chase will check the documents promptly and forward them electronically to MSHDA, which will determine whether the homeowner qualifies. The borrower will receive notification and instructions from both MSHDA and Chase. If an application receives full approval by the 15th of a month, borrowers get the benefit the next month. They will be instructed to send their portion of the next month’s payment to the state, which will add its portion and send the full payment to Chase.
Over the last 18 months, Chase also has helped Michigan homeowners through its Chase Homeownership Centers in 611 Woodward in Detroit and 1235 East Big Beaver in Troy, Mich. Chase counselors have met face-to-face with more than 4,400 struggling Michigan homeowners both at the centers and at 36 events across the state. Chase counselors across the country have met directly with more than 140,000 borrowers.
Nationally, Chase has offered more than 900,000 mortgage modifications to troubled homeowners since the beginning of 2009 through a wide range of government and Chase initiatives to address the housing crisis.
For more information, visit www.michigan.gov/hardesthit or www.chase.com.