Independent Bank helps save the dream for Michigan homeowners
April 08, 2008
April 2, 2008, was a historic day for the mortgage industry in Michigan: Governor Jennifer M. Granholm signed legislation aimed at preserving the American dream of homeownership for Michigan families in jeopardy of losing their homes to foreclosure. Along with lenders from the Michigan Credit Union League, the governor was joined by the Michigan Bankers Association as well as sponsoring legislators from across the state including Russ Daniel, senior vice president, Independent Bank.
The bills create two new refinancing options to protect home ownership – an adjustable rate mortgage (ARM) refinancing option that helps people get into fixed rate mortgages and a “rescue” program that helps those who have been behind in their payments in the past but are current now.
“The bills will help homeowners by providing an affordable low fixed rate mortgage alternative to many who would otherwise be unable to qualify. The program is designed to help borrowers that need to refinance Adjustable Rate Mortgages that are set to rise as well as those who have had difficulty in maintaining their payments and need to have a lower rate to make their payments more affordable,” said Russ Daniel.
The new tools are part of the “Save the Dream” initiative that makes housing counselors available to homeowners and raises awareness about avoiding foreclosure.
As a Michigan company, Independent bank believes it’s important to help support the Michigan homeowner. “If we can help people stay in their homes, it will provide much needed support to the housing market, real estate values, and our communities. Foreclosures have risen to extremely high levels and no one wins in a foreclosure situation. Independent Bank has long been an ethical, trusted and responsible mortgage lender. We want to provide the most comprehensive array of mortgage products possible to help people achieve the dream of affordable homeownership,” stated Daniel.
The Save the Dream products and programs are operated and funded by the Michigan State Housing Development Authority (MSHDA). The bills were given immediate effect.
