As part of the Detroit Rescue Fund, the non-profit program is established to provide assistance with financial literacy and housing counseling to those in the Detroit area. It is funded by the Department of Housing and Urban Development. They hold numerous classes and seminars in both group and one-on-one settings. On Project L.I.V.E.’s website, the organization outlines four criteria to qualify for their services: 1) You must be a Detroit resident and the home must be your primary residence 2) You must be three months delinquent in mortgage 3) You must have $4,000 in assets to bring your mortgage current and 4) The assistance will bring your mortgage current.
This program is strictly for families who are no more than three months behind on their mortgage payments. It is a great organization and can be used by many, but what happens when families are beyond the three months in payments? Or what if individuals do not have the revenue to make up their payments? Those individuals should still receive the assistance they need. At the Law Offices of Marshall D. Schultz we provide representation for all individuals who need help during this difficult time. Foreclosure can be a stressful process both emotionally and financially.
There are options to declaring foreclosure, especially if someone is currently in the midst of the proceedings. Through declaring bankruptcy, you can put a hold or stay on all creditor actions and on foreclosure proceedings. This gives individuals the time to look for other options instead of being forced out of your home. During this time, an attorney could also work with your lender and request a loan modification. Bankruptcy can give you the time you need to stop your foreclosure. Please feel free to contact our firm for a complimentary consultation so we can get started working on your financial solution today!