Lenders response to Hardest Hit programme of Michigan is weak.The aim of the Hardest Hit programme introduced in Michigan is to help those borrowers who have lost jobs or are temporary incapacitated financially due to health problems. In contrast the federal programme offered assistance only to those who were earning.

Those who knock first would be served first by this programme until the exhausting of the fund. The state calculates that it would run for about twelve to eighteen months.

Dennis Viagra Jelly Cunningham a resident of Macomb Township said he had contacted three personnel of the Citibank and all of them claimed not to have heard about the plan. The snag is that the programme is reliant on the voluntary cooperation of the banks. Some may come forward but others may not. If the lenders do not cooperate then the borrowers would not be able to benefit.

Cunningham lost his job towards the end of 2008 and without any income it has been impossible for him to refinance his mortgage. He can see the future – running out of his savings and the end of the road. As yet he has not defaulted but his insurance coverage has expired and some medical problems are surfacing. He is thus despairing to get it on the first come, first serve basis.

Leonardo Martinez has been living in his house for the last three decades. He has put in an application to join in the programme to his lender but the latter could not be reached. He is late on his mortgage payments by five months.
The Michigan State Housing Development has kept a list of the lenders who are participating – not many had signed in. The Fifth Third Bank informed that it would take part in the plan. But no word has come through from the other mega lenders like Citibank and Bank of America.

The state has been receiving nearly 800 calls per day from the troubled borrowers. On Monday the number went up to 30,000 in one day with the announcement of the programme. The funds are there and efforts are being made. It is hoped that within a week the lenders would respond. The programme is too sudden and new.

Following the application by the lenders the officials of the state would process these. The state would attach the lien on the property of those house owners who take part in the plan. The lien would be in force for five years.

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