Hundreds Of Mortgage Lenders Across Michigan Offering Relief For Homeowners
LANSING, MI (WJRT) -- Hundreds of mortgage lenders and financial institutions have agreed to let homeowners pause their house payments for 90 days and delay foreclosure proceedings.
Gov. Gretchen Whitmer announced an agreement with more than 200 lenders on Thursday to provide relief for households affected by the coronavirus pandemic.
She said the deal ensures that nobody with financial hardship due to coronavirus will lose their home.
"No one should have to worry about losing their home during the COVID-19 pandemic," Whitmer said.
The MiMortgage Relief Partnership provides the following for residential mortgage borrowers:
- A 90-day grace period for all mortgage payments.
- A streamlined process for requesting mortgage forbearance with proper support documents.
- Reasonable solutions for restarting mortgage payments after the forbearance term is over, including the possibility of extending forbearance agreements if necessary.
- Relief from late fees and charges on mortgages for 90 days and offer refunds where necessary.
- An end to foreclosure evictions and sales for 60 days.
- Avoiding adverse credit scoring reports for anyone who seeks mortgage relief.
- Working with borrowers on other concerns or financial issues not covered under the agreement as necessary, including escrow and insurance payments.
Anyone experiencing difficulty paying their mortgages is encouraged to contact their lender for assistance as soon as possible. Click here for a full list of financial institutions taking part in the MiMortgage Relief Partnership.
"The strength of our financial system will be an important factor in how Michigan recovers economically from COVID-19," said Michigan Department of Insurance and Financial Services Director Anita G. Fox said.
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