Michigan mortgage lenders work with the state to provide borrowers with financial relief from coronavirus
LANSING – More than 200 financial institutions are participating in a government program that gives mortgage holders a 90-day grace period to make payments or allows reduced payments to those struggling financially during the COVID-19 pandemic.
Governor Gretchen Whitmer said no one should worry about losing their home during the pandemic when she announced the MiMortgage Relief Partnership this week.
Institutions enrolled in the program have agreed to work with their mortgage holders by offering a streamlined process for deferral requests, confirming approvals and deferral terms with mortgage holders, and giving mortgage holders the option to extend deferral periods if necessary.
The institutions waive or reimburse mortgage-related default fees for 90 days for customers who have entered into agreements.
In addition, the institutes waive foreclosures or evictions for customers with agreements for 60 days. In addition, the institutes do not report any negative creditworthiness information for customers with agreements.
The number of unemployment claims in Michigan continues to grow. According to the latest count, a total of 1.18 million – almost a quarter of the country’s employees – had registered.
“The strength of our financial system will be an important factor in how Michigan economically recovers from COVID-19,” Anita Fox, director of the Michigan Department of Insurance and Financial Services, said in a statement Jan.
“Through the MiMortgage Relief Partnership, Financial institutions will continue to help their clients find the solutions that best meet their needs and focus their relief efforts on those hardest hit by the crisis. Michigan residents who can meet their financial obligations can continue to do so, while those in need can work with their financial institutions to get help. “
As of April 22, more than 200 financial institutions had joined the MiMortgage Relief Program. You can find these institutions at MiMortgage Relief Partnership Financial Institutions.
Borrowers are encouraged to contact their financial institution directly to inquire about relief options. State officials say borrowers shouldn’t wait for a loan to default.
For more information on mortgage waiver related to COVID-19, please visit: www.michigan.gov/MiMortgageRelief or call the State Department of Insurance and Financial Services toll free at 877-999-6442.
More about MLive: