Michigan's 200+ Mortgage Lenders to Provide Aid to COVID-19 Homeowners

Michigan 200+ Mortgage Lenders to Provide Aid to COVID-19 Homeowners

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JSMedia – Michigan state officials have partnered with more than 200 mortgage lenders to help borrowers affected by the flooding. To qualify, borrowers must first work out agreements with participating financial institutions. The lenders have agreed to grant 90-day grace periods to all homeowners facing foreclosure. Forbearance agreements will allow borrowers to make their payments during the 90-day period, so they can focus on rebuilding their lives.

The MiMortgage Relief Partnership is a coalition of more than 200 Michigan financial institutions. The partnership recognizes the efforts of participating financial institutions and encourages them to help struggling COVID-19 homeowners. The goal is to ensure that all consumers have the same choices and access to help. These partnerships are the first step in helping borrowers overcome the challenges of foreclosure. By focusing on the needs of borrowers, these partnerships will help more consumers and reduce the burden on mortgage lenders.

In addition to mortgage relief programs, the new Michigan governor announced the MiMortgage Relief Partnership, which includes more than 200 financial institutions. This partnership acknowledges the efforts of participating banks, credit unions, and other financial institutions to help borrowers. The MiMortgage Relief Partnership will waive late fees for up to 90 days to encourage borrowers to make their payments.

Michigan’s 200+ Mortgage Lenders to Provide Aid to COVID-19 Homeowners

Michigan's 200+ Mortgage Lenders to Provide Aid to COVID-19 Homeowners

The new law will help protect farmers facing foreclosure from losing their homes. This measure will extend protection under the COVID-19 program until December 1, 2020, or until harvest time. It will also allow homeowners to apply for forbearance on their mortgages and avoid paying them. The protection will only apply to Fannie Mae and Freddie Mac backed loans. It will also protect homeowners who own a mortgage that is insured by a government agency.

The new federal law also mandates that servicers contact borrowers 30 days before the forbearance period ends. This means that the servicer must make reasonable efforts to contact the homeowner, but it cannot be guaranteed that they will receive the necessary information. During the forbearance period, it is important for the homeowner to keep in mind that the mortgage loan must remain current.

A temporary COVID-19 testing site is administered by CVS in the parking lot of the Henry Ford Centennial Library. The test provides on-the-spot results, which can be extremely helpful for those in need. If a borrower tests positive for COVID-19, the lender must quarantine the individual. The government has stated that it is working with local governments to help the affected area.

The state has also encouraged the FHA, VA, and USDA to provide forbearance to help COVID-19 borrowers. While the guidelines for granting forbearance to mortgage borrowers are different, these programs should be available to all homeowners who qualify. The government has stated that the federal government has given the right to the lender to provide forbearance. It does not matter how you apply for forbearance. If you qualify, the process is simple.

The state of Michigan has announced that its mortgage loan program will be providing additional assistance to COVID-19 borrowers. The program is designed to help those who cannot afford to pay their mortgage. This funding will help people in need get their homes. However, the state of Michigan has not made any changes to its laws. In fact, the new regulations will prevent many people from filing for foreclosure.

In addition to the state’s assistance, the FHFA is taking steps to support borrowers affected by the COVID-19 outbreak. The federal government is providing $10 billion in emergency funding to states, territories, and Tribes. During this time of emergency, this fund will help individuals pay their monthly mortgage. Further, it will also provide a number of other financial resources to homebuyers.