Governor Gretchen Whitmer has partnered with Michigan's financial institutions to extend the MiMortgage Relief Partnership to ensure that no one experiencing financial hardship due to COVID-19 will lose their home during the COVID-19 crisis.
Michigan's financial institutions have been working hard to assist their customers throughout the pandemic, and this extended partnership encourages uniformity in available options for consumers in need of assistance, regardless of financial institution.
It’s important to take action right away if you are worried you cannot afford your mortgage payments:
- Pay if you can: If you can pay your mortgage, you should continue to do so.
- Don’t wait: If you are having trouble paying your mortgage, contact your lender or mortgage company today. Mortgage forbearance and other assistance only happens if you contact your lender and ask for a repayment plan.
- It may not be too late: If you have not been able to make your mortgage payment for some time and have not contacted your lender, it may not be too late. Contact your lender today to ask for forbearance or other assistance.
The Michigan Department of Insurance and Financial Services has compiled a list of resources to help Michiganders experiencing financial hardship. These programs may be able to help you adjust other household finances to make ends meet.
MiMortgage Relief Partnership
Under the MiMortgage Relief Partnership, impacted homeowners who contact their lenders or mortgage companies by December 31, 2021 can reach an agreement for mortgage relief that includes:
A 90-day grace period or forbearance for all mortgage payments, or other appropriate relief. Financial institutions will provide impacted borrowers the opportunity to reduce or delay their monthly mortgage payments, or provide other appropriate relief. In addition, 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.
Waived 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.
Frequently Asked Questions on the MiMortgage Relief Partnership
How do I get mortgage relief and/or forbearance?
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. Borrowers are encouraged to reach out before their loan becomes delinquent. DIFS never advises borrowers to stop paying their loan payments.
How long will the forbearance last?
The terms of a forbearance will be agreed to between you and your financial institution. Financial institutions will confirm approval and terms of the forbearance program.
How should I contact my lender to learn about my options?
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.
What if I have a federally-backed mortgage?
Lenders who service federally-backed mortgages are subject to federal rules. Borrowers with these loans may wish to visit the Consumer Financial Protection Bureau guide to coronavirus mortgage relief options.
How do I know if my financial institution is participating in MiMortgage Relief Partnership?
Where can I go if I have further questions or concerns?
Contact the Department of Insurance and Financial Services (DIFS):
877-999-6442 (Toll-free) Monday – Friday, 8:00 AM to 5:00 PM