The Daily Globe - Serving Gogebic, Iron and Ontonagon Counties

No-interest homeowner loans available in Gogebic County

 


By RALPH ANSAMI

ransami@yourdailyglobe.com

BessemerGogebic County residents who need money to pay their taxes are again offered help through the Step Forward program, according to county treasurer Sue Pertile.

She told the county board Wednesday the program is again available to help homeowners by offering interest-free loans of up to $30,000 to cover delinquent property taxes, mortgage payments and condominium association fees.

The loans are forgivable at 20 percent each year, as long as the property remains the homeowner’s primary residence. If the homeowner is still in the house after five years, the loan is completely forgiven.

“This helps not only homeowners, but neighborhoods and communities that stay stronger with fewer foreclosed homes,” Pertile said.

The U.S. Department of Treasury created the Hardest Hit Fund in 2010 to provide aid to states that were particularity hard hit by the financial downturn and housing market crash.

Michigan has received more than $761 million in federal funds to implement the Step Forward program.

To date, more than 32,000 homeowners statewide have received assistance from the program and more than $49 million in funds remains to be tapped statewide.

To qualify, residents must have experienced an involuntary hardship that caused the delinquency and have enough income to cover their future mortgage and property tax payments once they’re caught up.

“Step Forward Michigan has been instrumental in helping Gogebic County residents get caught up and back on their feet, and to keep their homes,” Pertile said.

For more information, call the Gogebic County Treasurer’s Office at 906-663-4517 or visit the website, StepForwardMichigan.org.

 
 

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