LANSING, Mich. — The number of coronavirus cases in Michigan is at 35,291 cases with 2,977 deaths.
Hundreds of thousands of people are relying on financial help from the state during the crisis.
The state of Michigan has partnered with more than 200 financial institutions across the state to provide some much-needed relief for people with mortgages. Unfortunately, that's the case for a lot of Michigan residents during this pandemic.
This new partnership aims to make sure struggling citizens don't lose their homes.
"We don't want people losing their homes in the middle of a crisis like this. They should be staying home, not losing their home," said Anita Fox, new partnership for mortgage relief.
Gov. Whitmer's latest step in helping Michigan residents, the "Michigan-Mortgage Relief Partnership," gives borrowers around the state plenty of options if they can't make a payment.
"Loss of jobs, reduced pay, they shouldn't have to worry," Fox said.
The move creates a uniform system and simplifies what lots of financial institutions, like LAFCU, were already doing during the pandemic.
"We can't only be here for people when everything is rosy in their lives," said Kelli Ellsworth Etchison, new partnership for mortgage relief.
That includes a 90-day grace period for mortgage payments and foregoing foreclosures. However, those payments don't just go away, you'll need to make those payments eventually.
Fox said that banks and credit unions being flexible with their borrowers is more important now than anything.
"It's not a one size fits all, everyone's needs are going to be a little different, what they owe, what they can afford to do, other strains they have on their financial picture," Fox said.
Financial institutions will be waving the late fees on the missed mortgage payments. If you're working on getting that 90-day forbearance, it won't mess with your credit score.
If you need any kind of financial help, reach out to your bank or credit union.
Fox said banks and other financial institutions are willing to talk with borrowers who might need more than a 90-day grace period on their mortgage.
For more information on the partnership, click here.
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