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​Governor Whitmer and Michigan’s Financial Institutions Agree to Partnership for Providing Borrowers 90-day Mortgage-Payment Forbearance

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​Governor Gretchen Whitmer and the Michigan Department of Insurance and Financial Services (DIFS) today announce the creation of the MiMortgage Relief Partnership with over 200 of Michigan’s financial institutions to recognize and expand upon the measures that these institutions have been taking to assist customers to ensure that no one experiencing financial hardship due to COVID-19 will lose their home during this public health crisis.
Michigan’s financial institutions have been working hard to assist their customers during these unprecedented times. This partnership will encourage uniformity in available options for consumers in need of assistance, regardless of financial institution.
“No one should have to worry about losing their home during the COVID-19 pandemic,” said Governor Gretchen Whitmer. “With the MiMortgage Relief Partnership, Michigan’s credit unions, banks, and lenders have stepped to the plate to help our residents who are suffering financial losses due to COVID-19 by providing a 90-day grace period for mortgage payments.”
By signing onto Governor Whitmer’s MiMortgage Relief Partnership, participating financial institutions have agreed that they will continue to work with their impacted residential mortgage loan borrowers in at least the following ways:
Providing affected borrowers with a 90-day grace period for all mortgage payments. Financial institutions will offer mortgage-payment forbearance for 90 days, allowing borrowers to reduce or delay their monthly mortgage payment. In addition, the financial institutions will:
  • Provide a streamlined process for requesting forbearance for COVID-19-related reasons, supported with available documentation; 
  • Confirm approval of and terms of their forbearance program (which should include reasonable solutions for resuming payments at the end of the forbearance term); and 
  • Where appropriate, provide the opportunity for borrowers to extend a forbearance agreement if they continue to experience hardship due to COVID-19. 
Providing relief from mortgage-related late fees and charges for 90 days. For affected borrowers who reach an agreement with their financial institution, financial institutions will waive or refund mortgage-related late fees for at least 90 days.
Foregoing new foreclosures for 60 days. Financial institutions will not initiate any foreclosure sales or evictions for 60 days for affected borrowers who reach an agreement with their financial institution.
Refraining from reporting adverse credit scoring information based upon the borrower’s accessing relief. Financial institutions will not report adverse credit scoring information for affected borrowers who reach an agreement with their financial institution. Financial institutions will report other credit information consistent with Consumer Financial Protection Bureau (CFPB) or other federal agency guidance.
Working with borrowers on their specific needs or concerns. If a financial institution varies from these provisions to the benefit of the borrower or to address specific borrower requests, concerns, or individual financial health, this would be deemed in the spirit of the partnership. In particular, issues surrounding escrow and tax and insurance payments may require more individualized assistance.
As of April 22, 2020, over 200 financial institutions have signed onto the partnership. Participating financial institutions are listed on the MiMortgage Relief Partnership Financial Institutions page.
“The strength of our financial system will be an important factor in how Michigan recovers economically from COVID-19,” DIFS Director Anita G. Fox said. “Through the MiMortgage Relief Partnership, financial institutions will continue to help customers find the solutions that best fit their needs, and to focus relief efforts on those most impacted by the crisis. 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.”
Michigan borrowers 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. Borrowers are encouraged to reach out before their loan becomes delinquent. DIFS never advises borrowers to stop paying their loan payments.
Please note that financial institutions and their servicers are experiencing high volumes of inquiries and may recommend using online services when available for the quickest service. Loans held by a financial institution may be serviced by another company.
Lenders who service federally-backed mortgages are subject to federal rules. Borrowers with these loans may wish to visit the CFPB guide to coronavirus mortgage relief options.
For more information on COVID-19 related mortgage relief, see: www.michigan.gov/MiMortgageRelief or call DIFS toll-free at 877-999-6442.
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  • Surreal ValeCity online media
  • June 28 2022 Edition
    • Elections 2022 >
      • Kelly for Alaska >
        • Tshibaka Statement Supreme Court Ruling Abortion
        • Tshibaka Blasts Gun Control Deal
        • Murkowski Embraces Gun Control Package
        • Murkowski Erode 2nd Amendment Rights
        • Tshibaka Endorsed by Harold Hamm
        • Jimmy Carter Lisa Murkowski Create Obstacles
        • Tshibaka Murkowski Gross Disregard Workers
        • Kelly Tshibaka Leaked Draft Supreme Court
    • Covid Flu Update June 12 - June 18
    • Governor Lauds Roe Reversal
    • Gov Hutchinson Weekly Address Supporting Teachers
    • Gov Lamont Invite Businesses States Restricting
    • Gov Lamont Minimum Wage Increase
    • Gov Lamont Update Coronavirus Response June 24
    • Gov Lamont Statement Roe v Wade
    • Gov Lamont New Credit Card Fees Waived
    • Senior Advocacy Groups Urge Tax Cuts
    • Gov Baker Protect Reproductive Health Care
    • Baker Polito Further Improvement Supply Delivery
    • Baker Polito Supreme Court Gun Ruling
    • Gov Whitmer Bridge Projects Ingham
    • Gov Whitmer Immediate Consideration Abortion Lawsuit
    • Gov Whitmer HOLO Footwear Headquarters Grant Rapids
    • Gov Whitmer Lower Health Care Costs
    • Gov Whitmer Fix Roads Berrien
    • Gov Whitmer Motion Right to Abortion
    • Gov Whitmer Dobbs v Jackson
    • Gov Whitmer Infrastructure Grants 2 Businesses
    • Gov Parson Increasing Kansas City Police Budget
    • Gov Parson End Elective Abortions
    • Gov Sisolak Appoints Maria Gall
    • Extreme Heat Centralizes Available Resources
    • Gov Sisolak Joins Reproductive Rights Activists
    • NCDHHS Testing National HIV Day
    • Gov Lee Statement Dobbs Ruling
    • Gov Lee Appoints Rep Joel Ferry
    • Gov Cox Statement Supreme Court Ruling
    • Gov Cox Names Rick Westmoreland
    • Roots Reflections of Total Selves
    • Roots Strength Beneath the Surface
    • Meet Esteban Toro First Judge Roots
    • SeeMe Passion Grand Prize Winner
    • See Me Roots Open Call Submissions
    • Multipart Project New Work Carmen Winant
    • Sport1 Broadcast TWG 2022 Free TV
    • Girls on the Run Establish Independent Council
    • All Ages Invited Passport to History
    • Celtic Classic Volunteer Registration
    • Celtic Classic 35th Anniversary Entertainment
    • Passport to History Month Returns
    • The World Games 2022 on TV
    • Federations News
    • TWG CDC Dispense Negative Covid Test
    • Building Up BHM Jonathan Benjamin
    • Passport to History Month Returns July
    • Green Party Protect Reproductive Rights
    • Statement Coach Kennedy Case
    • SCOTUS Ruling Roe v Wade
    • Statement Brooke Rollins Roe v Wade
    • Statement Supreme Court Roe v Wade
  • Supporting ALL Law Enforcement
  • Thanks to the sponsors
  • Staff and Contact Information
  • Archive 2022
    • Arts
    • Dining Out
    • Editorials
    • Events
    • Festivals
  • Archives 2021
    • Community >
      • Feeding the Homeless Philadelphia
  • Archives 2020
  • Archives 2016 - 2019
  • A Valley and Beyond