Michigan Homeowners May Receive Payout

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    Michigan is supposed to receive about $1.1 billion in benefits from the mortgage settlement. Just under $900 million of that amount is to come in the form of loan modifications, loan principal reductions, short sales or similar measures to help homeowners in the state, according to Schuette`s office.

    The mortgage servicers made a $97-million direct payment to the state last year that went into a Homeowner Protection Fund. That money goes to eight initiatives, including foreclosure prevention counseling, home-buying grants and blighted property demolition.”

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