Milwaukee-based Marshall & Ilsley Corp. (M&I) has extended its foreclosure moratorium an additional 90 days, through June 30. The initial 90-day moratorium was announced Dec. 18, 2008, as part of M&I's Homeowner Assistance Program.
The moratorium is on all owner-occupied residential loans for customers who agree to work in good faith to reach a successful repayment agreement. The moratorium applies to applicable loans in all M&I markets.
The Homeowner Assistance Program also features streamlined assistance programs for potentially distressed homeowners who are identified in advance and proactively offered assistance.
‘Through our Homeowner Assistance Program, M&I bankers are available to assist homeowners who may be experiencing financial stress, with the ultimate goal of helping them stay in their homes as they recover from their economic challenges,’ says Mark Furlong, president and CEO of Marshall & Ilsley. ‘Our objective is to proactively work with our customers, including offering guidance to families before they are faced with the possibility of foreclosure.’
SOURCE: Marshall & Ilsley Corp.