Homeowner assistance

As a community bank, serving our customers is our number one priority. If you are experiencing financial challenges, we want you to know that we are here for you.

Now available! MSHDA Homeowner Assistance Programs for single family primary residences

Special programs may be available to assist with housing payments for eligible borrowers who are unemployed or experiencing financial difficulty. The Michigan State Housing Development Authority (MSHDA) announced that they will distribute funding beginning July 12, 2010. MSHDA encourages homeowners to contact their Independent Bank loan counselor to find out if they may be eligible.

MSHDA administers three programs

  • Mortgage payment assistance for homeowners currently receiving Michigan unemployment compensation
  • Rescue funds for homeowners who have fallen behind in their mortgage payments due to a one-time involuntary crisis and who have overcome this obstacle
  • Matching funds for principal reductions for homeowners with severe negative equity (mortgage debt exceeds 115% of current market value) who can no longer afford their mortgage payments as a result of reduced income

Note: Assistance, in the form of a junior lien, may be provided by MSHDA to eligible borrowers on a first-come, first-served basis until program funding is depleted. The junior lien is a 0% mortgage with no payments forgivable over 5 years subject to meeting MSHDA forgiveness conditions. Program eligibility is established by MSHDA.

Homeowners may contact their Independent Bank loan counselor at 800.292.5020 to find out if they may be eligible.

For additional information, please call MSHDA toll free at 866.946.7432 or contact a homeownership counselor in your area. Counselors can be located on MSHDA’s Web site.

Flexible solutions designed to meet your needs

Independent Bank has seasoned mortgage experts available to assist borrowers experiencing financial hardship. Our solutions are designed to be flexible so that we can find a program that fits your needs. We use a variety of workout solutions including:

  • Refinances
  • Loan modification
  • Short-term repayment plans
  • Forbearance plans
  • Short sales
  • Deed in lieu of foreclosure

Call us, we can help

If you are experiencing difficulty, the worst thing you can do is not contact your banker. At Independent Bank, we are committed to helping customers find the best solution.

  • Loan counselors can be reached at 1.800.292.5020, Monday through Friday from 8 a.m. to 8 p.m. and Saturday from 9 a.m. to 1 p.m.
  • To contact us by email, please fill out the Contact Us form. So that we may better serve you, please select “Homeowner Assistance” from the Subject drop-down menu.

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Federal Reserve Board has compiled helpful tips to help protect consumers from foreclosure scams. The tips can be found in the press release from the FRB.

Making Home Affordable plan

Learn about the President’s new Making Home Affordable plan to help millions of homeowners refinance or modify their mortgages.