LANSING, Mich. (WLNS) — The Michigan Department of Insurance and Financial Services (DIFS) is reminding that the deadline for the MiMortgage Relief Partnership Program is just a week away.
“This program was launched in April of 2020 and extended in 2021 to ensure that no one experiencing financial hardship due to COVID-19 would lose their home during this public health crisis,” Anita Fox, DIFS Director. “With time running out to apply for assistance under this program, it is imperative that Michiganders struggling to make their mortgage payments contact their lender before December 31, 2021, to reach an agreement for relief.”
Under the partnership, with more than 240 financial institutions, impacted homeowners can contact participating lenders or mortgage companies and ask for a mortgage relief agreement.
The following options are available to those interested in the MiMortgage program:
- A 90-day grace period or forbearance for mortgage payments. Financial institutions will provide impacted borrowers the opportunity to reduce or delay monthly mortgage payments, or provide other appropriate relief. In addition, the financial institutions will:
- Provide a streamlined process for requesting forbearance for COVID-19-related reasons;
- Share information about the terms of their forbearance program, including timely approval notifications for eligible customers;
- Offer reasonable solutions for resuming payments at the end of the forbearance term;
- Cover past due taxes, insurance, or other fees and allow customers to catch up with future payments by adding these costs to the principal balance of the loan; and
- Provide the opportunity for borrowers to extend a forbearance agreement if they continue to experience hardship due to COVID-19.
- Waiver of mortgage-related late fees and charges for 90 days.
- Protection from foreclosures or evictions for 90 days.
- Credit score protection. Financial institutions will not report negative credit scoring information for affected borrowers. Financial institutions will report other credit information consistent with Consumer Financial Protection Bureau or other federal agency guidance.
- Individual assistance for specific needs or concerns. Financial institutions may offer other support to impacted borrowers to address specific requests, needs, or concerns. For example, issues surrounding escrow and tax and insurance payments may require more individualized assistance.
Program enrollment is not automatic, and consumers who can make their mortgage loan payments are asked to continue to do so. Those who borrow are encouraged to reach out to their lenders before falling behind on payments.
If you have been unable to make mortgage payments, contact your lender or servicer right away to ask about forbearance options and repayment plan assistance.