M&I Continues Moratorium Through September

kee-headquartered Marshall & Ilsley Corp. (M&I) has extended its foreclosure moratorium an additional 90 days through September 30. The initial moratorium was announced December 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. Although M&I is one of the few financial institutions that is formally continuing its foreclosure moratorium, a recent report from Lender Processing Services suggests that many banks are still holding off on foreclosing homes that are at least 90 days past due. According to LPS' [link=http://www.mortgageorb.com/e107_plugins/content/content_lt.php?content.3773][u]Monthly Mortgage Monitor[/u][/link] for May, almost 90% of modifications were performed on loans that were at least 90 days past due but that had not been referred to an attorney for foreclosure. M&I has 193 offices in Wisconsin, as well as locations in Arizona, Indiana, Florida, Nevada and Minnesota. The Homeowner Assistance Program features streamlined assistance programs for potentially distressed homeowners who are identified in advance and proactively offered assistance. It also offers a foreclosure abatement program that features several refinancing options, including term extensions and rate reductions. SOURCE: Marshall & Ilsle


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