Habitat for Humanity Michigan Fund (HFHMF) was the first 501(c)(3) non-profit mortgage lender in the nation created by a Habitat for Humanity State Support Organization (SSO) to help Habitat Affiliates originate and service mortgage loans, manage delinquencies, and accelerate mortgage assets.
In April, 2009, HFHMF started originating, processing, closing and servicing mortgages for Michigan Habitat for Humanity Affiliates. HFHMF now provides mortgage servies to HFH Affiliates in seven states IN, MI, NC, OH, SC, WA, and WI.
"Switching our mortgage servicing to the Michigan Fund was a smart move for us. With the Fund handling the servicing of the mortgages, it frees staff up to focus on programs and building more houses. The Fund is there to answer any questions we have and they are an absolute delight to work with."
Jennifer Parks, Executive Director Midland County Habitat for Humanity
"Working with Michigan Fund has been such a positive experience I would encourage all affiliates to use their services. The program is well organized and efficient. The transfer of records from the affiliate was very easy. You hold your mortgages, and the staff is fantastic."
While the Affiliate maintains local control of the homeowner relationship, HFHMF will handle organizational details such as collecting and posting payments, paying taxes and insurance, annual escrow analysis, reporting to the credit bureau and annual statements. Even though HFHMF is the servicer of the mortgage, the Habitat Affiliate retains ownership of the mortgage asset. In some cases, loans may need more creative ways to resolve the default. Loss mitigation options can be considered after obtaining additional, verifiable information from the Partner Family.
We work with the partner family using collection techniques, including:
When circumstances do not permit the curing of default, HFHMF will assist Affiliates with other collections avenues to protect your assets. They could include:
Our primary goal is to provide support and present solutions that assist and cure homeowner delinquencies. Working with partner families, we will identify the problem, determine the cause of delinquency, and work diligently to find a solution.
Goals of HFHMF Collections Department:
When coupled with our servicing and collection services HFHMF will originate the mortgage application and provide all of the disclosures maintaining state and federal mortgage regulations. We will fully process the loan, prepare the closing package and coordinate the loan closing with the Affiliate at a local title company. The mortgage is closed in the name of HFHMF and is immediately assigned back to the Affiliate at closing.
We are happy to help you with any payment challenges. For a confidential conversation with a Specialist please contact us toll free at (800) 467-5430, option 3.
We would like to help you resolve your delinquency and there are options that may be available to help you. The right option for you depends on your individual circumstances.
You may qualify for a temporary (or permanent) solution to help you get your finances back on track (repayment plan, forbearance, modification). Depending on your circumstances,
staying in your home may not be possible. However, a short sale or deed-in-lieu of foreclosure may be a better choice than foreclosure - see the table below for more information.
Note: We are not obligated to provide any of these options and their availability is subject to review and approval.
|Reinstatement||Pay the total amount you owe, in a lump sum payment and by a specific date. This may follow a forbearance plan as described below||Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future|
|Repayment Plan||Pay back your past-due payments together with your regular payments over an extended period of time||Allows you time to catch up on late payments without having to come up with a lump sum|
|Forbearance Plan||Make reduced mortgage payments or no mortgage payments for a specific period of time||Have time to improve your financial situation and get back on your feet|
|Modification||Receive modified terms of your mortgage to make it more affordable or manageable after successfully making the reduced payment during a "trial period" (i.e., completing a three [or four] month trial period plan)||Permanently modifies your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship. There may be a fee or 3rd party charges associated with a modification.|
|Short Sale||Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth||Allows you to transition out of your home without going through foreclosure. In some cases relocation assistance may be available|
|Deed-in-Lieu of Foreclosure||Transfer the ownership of your property to us||Allows you to transition out of your home without going through foreclosure. In some cases relocation assistance may be available. This is useful when there are no other liens on your property|
We will work closely with you during this process. We will need to gather some information to help determine what option will best fit your needs. The following information will need to be submitted for review by one of our Specialists: