Financial Help on the Web
Metro Net's Recession Resources Portal
Choose from a useful selection of options: File an Unemployment Claim, Look over Health Insurance Options, Find a New Job, Learn about Home Ownership Preservation, Credit Repair & Maintenance, and Additional Assistance Programs in Michigan.
Michigan.gov Helping Hand
This site helps Michigan citizens facing economic hardship find the services they need. Simply click on one of the five tabs below for links to information about jobs and training, unemployment benefits, health care, family support and housing. Then click on the particular links that describes the help you're seeking.
MI Public Radio: Facing the Mortgage Crisis
Michigan Radio is participating in a public broadcasting project called "Facing the Mortgage Crisis." Over the next several months we'll be bringing you reports, special shows, town hall meetings, and information about how we as a society can cope with the foreclosure crisis that is hitting the state and the nation. Our library is mentioned as a town hall meeting site.
2-1-1 United Way Michigan Foreclosure & Delinquency Assistance
United Way 2-1-1 is a multi-lingual, comprehensive information and referral service available 24/7/365. In addition to providing you with mortgage assistance and delinquency resources, the United Way 2-1-1 database contains more than 20,000 programs and services such as after school programs, senior care services, medical and prescription assistance, credit counseling and mortgage foreclosure assistance, and housing and utility resources. This site also provides a way to learn all about foreclosures or use an online quick assessment tool to find out if you are at risk.
City of Farmington Hills Foreclosure Prevention Information & Tips
Foreclosure Resources for Consumers
If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. The Federal Reserve has provided a set of links to agencies and resources that may be able to help you.
Help for Homeowners Facing the Loss of Their Home
For most families, a home is not only a significant financial investment but also a source of pride. The loss of a home, due to unexpected events such as unemployment, can be financially and personally devastating. If you have been laid off or are facing unemployment, you can keep your home - - if you know the right steps to take. The Department of Housing and Urban Development/Federal Housing Administration, the Department of Veterans Affairs, the Department of Labor and the mortgage industry have worked together to produce important basic information—and key links to local groups and organizations—that can help you get through difficult times without losing your home.
GreenPath Debt Solutions (Farmington Hills)
GreenPath is a non-profit company that has helped consumers ease financial pressures since 1961. GreenPath provides free counseling, personal budget and action plan. Help is available to lower interest rates, waive fees, and stop collection calls. You can consolidate all your payments into one convenient deposit, prevent foreclosure, repossession and utility shutoff, and they can provide a personal credit report and help you improve it
Mortgage Payments Sending You Reeling? Here's What to Do
The possibility of losing your home because you can't make the mortgage payments can be terrifying. Perhaps you're having trouble making ends meet because you or a family member lost a job, or you're having other financial problems. Or maybe you're one of the many consumers who took out a mortgage that had a fixed rate for the first two or three years and then had an adjustable rate—and you want to know what your payments will be and whether you'll be able to make them.
Regardless of the reason for your mortgage anxiety, the Federal Trade Commission (FTC), the nation's consumer protection agency, wants you to know how to help save your home, and how to recognize and avoid foreclosure scams.
Oakland County Foreclosure Help Links
Oakland County Housing Counselors provide individualized counseling on mortgage delinquency, foreclosure prevention and other mortgage related issues. In addition to the many useful links on their page, you can contact Oakland County assistance at (248) 858-5402 or toll free 1-888-350-0900 extension 85402.
SEMCOG Help for Homeowners
The Southeast Michigan Council of Governments has created a very useful page of resources, including Timelines for Foreclosures, HUD and MSHDA approved Counseling Services in Southeast Michigan, lists of Helplines, County Treasurer Offices, the Michigan State Housing Development Authority Save the Dream Mortgage Refinance Programs, Avoiding Scams, and much other helpful information. Click on the image links on the SEMCOG page for more details.
Why Not Just Walk Away from A Home?
This February 2008 article discusses companies that suggest home owners voluntarily walk away from their mortgages, "engaging in a practice the mortgage industry calls 'ruthless default'" instead of going through the *foreclosure* process. Also describes alternatives to *foreclosure* or walking away that borrowers should consider. From National Public Radio (NPR).
Which is Worse: Foreclosure or Bankruptcy?
This 2007 article considers the question of "what is better on your credit report—foreclosure or bankruptcy?" The article notes that "[n]either option is going to be easy. Generally, a foreclosure will remain on your credit report for 7 years, while a bankruptcy remains for 10 years. But that doesn't mean foreclosure is necessarily the better option." Also describes alternatives to mortgage foreclosure and bankruptcy. From the MSNBC answer desk.
Print Resources in Our Library
Kay, Ellie. ½ Price Living: Secrets to Living Well on One Income .
Kay, "America's Family Financial Expert," calls upon her financial expertise and experience as a mom to write this step-by-step plan on how to downsize from two incomes to one.
$700 billion bail out: the Emergency Economic Stabilization Act and what it means to you, your money, your mortgage, and your taxes.
Is America a sinking ship? With the economy in the midst of crisis, the United States government has approved an unprecedented $700 billion bail out of the battered financial industry. $700 Billion Bail out is an analysis of the controversial Emergency Economic Stabilization Act and explains in easy to understand language what the bail out bill means for individuals. The bill...will include tax breaks shielding millions of taxpayers from the alternative minimum tax this year, increase FDIC insurance for bank deposits..., and provide support for Wall Street's floundering financial institutions..."
Economides, Steve and Annette Economides. America's Cheapest Family Gets You Right on the Money: Your Guide to Living Better, Spending Less, and Cashing in on Your Dreams.
Do you have too much month at the end of your money? Is your credit card screaming for relief? Are you tired of robbing Peter to pay Paul . . . whoever they are? Meet Steve and Annette Economides. They've been called cheapskates, thriftaholics, and tightwads, but in these tough economic times, Steve and Annette have managed to feed their family of seven on just $350 per month, pay off their first house in nine years and purchase a second, larger home, buy cars with cash, take wonderful vacations, and put money in savings.
Foreclosure Self-Defense for Dummies.
Offers tips on how to avoid or delay foreclosure of a house, such as refinancing, paying forbearance to catch up on payments, and re-purchasing a home by selling it to an investor and negotiating terms with them.
Elias, Stephen. Foreclosure Survival Guide.
Bankruptcy attorney Elias targets the estimated two million American homeowners who are currently in default on their mortgages. Elias explains how foreclosure works, what options there may be for keeping a home when in default, and what to do when that is not possible. He includes instruction on negotiating a workout with a lender as well as chapters on how to use bankruptcy to avoid foreclosure. Elias's section on fighting foreclosure in the courts helps readers understand the circumstances in which they may be able to delay or stop a foreclosure action. The appendixes provide summaries of each state's foreclosure laws, a glossary, and information on finding and working with lawyers and bankruptcy petition preparers.
Velishi, Ali. Gimme My Money Back: Your Guide to Beating the Financial Crisis.
One way or another, you lost money as a direct result of the financial crisis. Now you have to start making it back, and you can do that by reading this book. This book shows how the markets work and how to be involved, how to calculate personal risk tolerance based on personality, goals, age and years from retirement, how to avoid losing money, and how to use mutual funds, index funds, stocks, ETFs, bonds, and other investment vehicles to speed up readers own personal recovery. Includes model portfolios to get you started right away. Written by CNN Chief Business Correspondent Ali Velshi using his trademark user-friendly voice, GIMME MY MONEY BACK is a straightforward guide to understanding how we got into the mess were in, with concrete, simple, proven steps to get you out of it.
Dent, Harry S. The Great Depression Ahead: How to Prosper in the Crash Following the Greatest Boom in History.
Renowned economic forecaster Harry S. Dent, Jr., explains that by 2010 rising oil prices and peaking generational spending will lead to a more severe downtrend for the global economy and individual investors alike. He outlines the critical issues that will face us and offers long- and short-term tactics for weathering the storm.
Wiedemer, James Homeowners Guide to Foreclosure: How to Protect Your Home and Your Rights .
Foreclosure is the last thing that anyone wants to think about. However, for a growing number of homeowners, it's something that is looming over them if not already on their doorstep. The Homeowner's Guide to Foreclosure provides answers to all your questions as well as step-by-step guidance on what you can do. If you, a friend, or a relative needs to avoid, delay, or stop a foreclosure, remember that the homeowner can take charge.
Schaff, Peter. The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio Up When the Market Is Down.
Written by seasoned Wall Street prognosticator Peter Schiff—author of the bestselling book Crash Proof: How to Profit from the Coming Economic Collapse—The Little Book of Bull Moves in Bear Markets reveals how you should protect your assets and invest your money when the American economy is experiencing perilous economic downturns and wealth building is happening elsewhere. Filled with insightful commentary, inventive metaphors, and prescriptive advice, this book shows you how to make money under adverse market conditions by using a conservative, nontraditional investment strategy.
Kay, Ellie. Living Rich for Less: Creating the Lifestyle You Want by Giving, Saving, and Spending Smart.
You really can be rich in every way, every day. So you want to own the home you love, make memories on wonderful vacations with family or friends, finance college educations, and help others too? You can starting here and now. With lively humor, proven know-how, and practical principles for financial health.
Segal, Lloyd M. Stop Foreclosure Now: The Complete Guide to Saving Your Home and Your Credit.
We've all heard the reports. Americans are losing their homes in record numbers, and the housing crisis seems unlikely to subside anytime soon. Foreclosures affect all kinds of people and all kinds of properties. Many people faced with foreclosure feel helpless and resigned to giving up their homes without even trying to save them. The good news is that with the right advice, homeowners can take control of the situation, avoid foreclosure proceedings, and even protect their credit. Lloyd Segal, mortgage banker, attorney, and real estate investor has spent the last twenty-five years helping homeowners save their houses. In Stop Foreclosure Now, he shows readers how to:develop a plan to delay or stop foreclosure • understand the documents involved • negotiate with their lender • use the courts to stop foreclosure and bankruptcy • arrange to refinance their property • sell their property quickly • use military status to stop foreclosure • understand foreclosure laws in all 50 states Timely and indispensable, this guide will help anyone survive the housing crisis and preserve their most important investment.
Orman, Suze. Suze Orman's 2009 Action Plan: Keeping Your Money Safe and Sound.
The nation's go-to expert on financial matters, Suze Orman, believes that 2009 is a critical year for your money. She outlines a plan of action that you can take now to safeguard your savings, retirement account, real estate, credit, and more.
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