State Partnering With Over 200 Financial Institutions To Give Homeowners 90-Day Grace Period On Mortgage Payments

mimortgagerelief
mimortgagerelief

More than 200 financial institutions in Michigan are on board with a new program to help people hold on to their homes during the COVID-19 pandemic. Governor Whitmer on Thursday announced the creation of the MiMortgage Relief Partnership, and United Federal Credit Union vice president of mortgage lending Brett Wier says it’s needed and will provide a 90-day grace period for mortgage payments.

“It’s really not very cookie-cutter, and every member seems to be facing something unique,” Wier tells WSJM News. “We’ve been pretty agile in what we can do, so they don’t have to be stressed out about making their mortgage payments, knowing a lot of these things are completely out of their control.”

Wier says people facing financial hardship due to the COVID-19 pandemic won’t suddenly have to pay all three of those months at once after the grace period ends if they go through the program.

“They would be tacked on over the life of the loan. There won’t be a front-end benefit and then the potential for pain once that period of time expires. That would not be useful,” says Wier.

Banks, credit unions, and lenders will also not initiate any foreclosure sales or evictions for 60 days with those who have reached an agreement with their financial institution. People who are experiencing a financial hardship due to COVID-19 are encouraged to reach out directly to their financial institution to learn the details of the relief options available to them, and to work out with the institution an agreement applicable to their loan, and do it before their loan becomes delinquent.

More information is available online at Michigan.gov/MiMortgageRelief