M1 COVID-19 Information

MiMortgage Relief Partnership Program

“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.”

As part of the MiMortgage Relief Partnership, M1 has agreed to work with 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.