IONIA, Michigan (PRWEB) July 21, 2010
Independent Bank Corporation (NASDAQ: IBCP), a leading Michigan-based community bank, announced it has entered into a servicing agreement to participate in Michigan State Housing Development Authoritys (MSHDA) Help for the Hardest Hit program. With $ 154.5 million in federal funds, MSHDA anticipates the new program should help up to 17,000 unemployed or underwater borrowers keep their homes.
The goal of the program is to assist eligible borrowers who are receiving Michigan unemployment benefits or experiencing financial difficulty with housing payments. Michigan’s Hardest Hit program will pay $ 5,000 to $ 10,000 toward the mortgages of approximately 17,000 homeowners who are expected to qualify and MSHDA launched the program for funding July 12, 2010.
MSHDAs assistance program provides: