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Governor and Industry Create Mortgage-Payment Forbearance Program

Apr 24, 2020

Governor Gretchen Whitmer and the Department of Insurance and Financial Services announced the creation of the MiMortgage Relief Partnership with financial institutions in the state. Participating institutions will offer mortgage-payment forbearance for 90 days, allowing borrowers to reduce or delay their monthly mortgage payment. Additionally, they will waive or refund mortgage-related late fees for at least 90 days, forego new foreclosures for 60 days, refrain from reporting adverse credit scoring based on the borrower’s accessing relief, among others.

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