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200+ financial institutions sign up to allow 90-day grace period for mortgage payments

Mortgage graphic Getty Images
Posted at 11:15 AM, Apr 23, 2020
and last updated 2020-04-23 11:15:26-04

LANSING, Mich. — Mortgage holders may find relief from making mortgage payments and protection from foreclosures, thanks to what is being called the MiMortgage Relief partnership, a creation of Gov. Gretchen Whitmer and the Michigan Department of Insurance and Financial Services.

More than 200 financial institutions have sign on to join the partnership’s efforts to ease financial hardship during the COVID-19 crisis.

See the participating institutions

The partnership has a long list of commitments:

  • Allow affected borrowers to reduce or delay mortgage payments during a 90-day grace period.
  • Streamline the process to apply for the forbearances,
  • Confirm that the forbearances when they are approved.
  • Provide for extending the forbearance if the borrower’s financial difficulty continues.
  • Give relief from late fees for 90 days.
  • Stop new forclosures for 60 days.
  • Do not report negative credit information that would affect a borrower’s credit rating.
  • Work with borrowers on their individual needs.

“Michigan residents who can meet their financial obligations can continue to do so, while those who need assistance will be able to work with their financial institutions to access relief,” DIFS director Anita G. Fox said in a release from the governor’s office.

More information on COVID-19 related mortgage relief