Many Michigan homeowners eligible for 90 day grace period on mortgages
Michigan Governor Gretchen Whitmer and the Michigan Department of Insurance and Financial Services announced the creation of the MiMortgage Relief Partnership. It will make homeowners eligible for a 90 day grace period for their mortgage.
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.”
Participating financial institutions have agreed to provide affected borrowers a 90-day grace period for all mortgage payments.