LANSING – State Representatives Mike "Huck" Huckleberry (D-Greenville), Roy Schmidt (D-Grand Rapids) and Robert Dean (D-Grand Rapids) today voted in support of a plan to aid struggling homeowners and help keep more Michigan families in their homes by offering a 90-day lifeline to residents at risk of foreclosure who seek help.
"The vacant and abandoned homes that line the streets of our neighborhoods remind me every day how much the foreclosure crisis has hurt our community," Huckleberry said. "The troubling thing is that families who have played by the rules and saved their entire lives for their homes are losing them. This plan will give homeowners the time they need to find a way to hold on to their most precious investment."
The plan passed by the House today will create a 90-day reprieve from foreclosure for homeowners who commit to working with their lender and a housing counselor. Counselors are available through the Michigan State Housing Development Authority (MSHDA) and the U.S. Department of Housing and Urban Development (HUD).
"The rising number of foreclosures is affecting entire communities, not just homeowners," Schmidt said. "These vacant homes are driving down property values and making our neighborhoods less attractive to the businesses we need to drive our economy. This plan will play a vital role in our economic recovery, and I urge the Senate to do the right thing and pass this plan for our residents."
Kent County, which consistently ranks in the top 10 counties statewide for foreclosures, had a total of 612 properties foreclosed in January, or one in every 397 housing units, according to RealtyTrac. A total of 74 properties were in foreclosure in January in Ionia County, or one in every 325 housing units. In Montcalm County, a total of 55 properties were foreclosed on in January, or one in every 500 housing units.
"With our struggling economy, it is imperative that we support and assist our residents now," Dean said. "Passing this plan will almost immediately help keep families in their homes. By no means is this a bailout – it is a common-sense plan that will help our residents who are committed to finding a solution and saving their homes."