Have you always wanted a home to call your own? Are you ready to stop paying rent every month and start investing in a house? Are you hoping to buy a house within the next year?
If so, LINKS to Homeownership may be right for you! We can offer several kinds of help:
If you’re interested in seeing what LINKS can do for you, call Jason at 367-2468 Ext. 2004 and ask for an appointment.
LINKS is funded by the Michigan State Housing Development Authority (MSHDA).
You don't have to have good credit to be flooded with offers for new credit cards, loan consolidations, and other financial schemes on a daily basis. Sometimes these offers are for real, but other offers are scams used by predatory lenders. Michigan, like many other states, does not have any state laws to either regulate or define predatory lending.
Talking about the problem can be confusing because it comes in many forms. Here are some of the most common predatory lending scenarios that we see on the Eastside:
Payday loans: There are a large number of payday loan businesses in Lansing. These businesses advance, or loan, money to families struggling to pay the bills until the next paycheck. However, the terms of the loans can include very large fees to extend the loan, and interest rates between 391-443%! According to the Center for Responsible Lending, if a borrower gets a loan for $325 they can expect to pay back $793. Every year, these businesses cost American families $4.2 billion in excess fees and high interest rates.
Mortgages: Adjustable Rate Mortgages, or ARMS, are largely to blame for the skyrocketing number of people losing their homes. These can be dangerous mortgages. With an ARM loan, borrowers start with a very low monthly payment that will increase significantly after a set period of time (typically 2 to 3 years). In many instances, lenders don't explain what the terms of the loan really mean, and people are surprised when their interest rates increase and their monthly payments become unpayable.
What can you do to avoid losing your home or savings to a predatory lender?
Remember that if something sounds too good to be true it probably is!
If you think you are being targeted by predatory lenders, you can contact your local office of consumer affairs, or an approved credit counseling agency such as the Allen Neighborhood Center. For more information, please contact Jason Weller at 367-2468 ext. 2004, or via email at jasonw@allenneighborhoodcenter.org.
If you are having problems making your mortgage payments you are not alone. Last year there were over 1150 sheriff sales in Ingham County.
Our county is not alone in dealing with high foreclosure rates. Michigan is 7th in the country for foreclosures. And the numbers are rising at an astounding rate. A recent study found that 66% of people who go through the foreclosure process never contact their lender, or local housing counseling agency to ask for help.
Whether you are behind on your taxes, or your house payments assistance is available. And the sooner you ask for help the better.
The Allen Neighborhood Center offers foreclosure prevention counseling. If you would like more information please contact Jason Weller at (517) 367-2468 Ext 2004 or via email at jasonw@allenneighborhoodcenter.org.
If you are a homeowner looking to fix up or do some home repairs the city of Lansing is still looking for applicants for its Single Family Housing Rehabilitation Program. For more information contact Jason Weller at (517) 367-2468 Ext 2004.
Create the house you want from the house you have with ANC’s Home Improvement Workshops! We now have material from the first two years of our Home Improvement Workshop series available online. If you’re looking for ways to improve your living situation, check it out!
Questions or comments about the site? Contact us or email ancfranny@gmail.com.