HELENA, Mont. – More Montanans will now have access to working with local loan servicers who are focused on ensuring families can stay in their homes thanks to the bi-partisan passage of House Bill 26 sponsored by Dillon Republican Tom Welch.
For 42 years, the Montana Board of Housing has provided affordable housing options for families who are not served by the market’s rates. The Board provides a variety of mortgage and down-payment assistance products, originated by local banks across the state, and has been servicing their own loans for years. Now that HB 26 has been approved by the Legislature and signed by the governor, the board can now assist more Montana homeowners by servicing loans from other lenders.
“The Montana Board of Housing is uniquely positioned to support homeowners because we’re not here to capitalize on a struggling family,” said MBOH Executive Director Bruce Brensdal. “Our staff have successfully helped folks struggling with home mortgage delinquencies by temporarily reducing their property taxes; accessing senior supportive services, job training to improve income, the local food pantry and energy assistance, and emergency funding.”
Through this public/private partnership, the Montana Board of Housing works diligently with the borrowers and lenders to make sure people can stay in their home during difficult times. In fact, the foreclosure rate for Montana Board of Housing serviced loans is less than one percent – about half of the national rate.
For more information, click here to read Brensdal’s op-ed.
To learn more about the Montana Board of Housing, click here.