Loan program aims to prevent home foreclosures

GRAND RAPIDS, Mich. (WOOD) — It only takes one unexpected event to throw off your finances — it could be an accident, a death or a divorce and suddenly you’re behind in mortgage payments.

But there’s relief out there for West Michigan homeowners swimming in overdue payments. About $40 million is still available for new loans to help around 6,000 eligible households.

The Step Forward Michigan program provides no-interest loans to homeowners to get them back on their feet and stabilize communities by preventing foreclosures.

Statewide, 34,597 Michigan homeowners have qualified for more than $307.3 million in loans since the program began in 2010.