M&I Extends Foreclosure Moratorium to Assist Distressed Homeowners

M&I Extends Foreclosure Moratorium to Assist Distressed Homeowners

Wisconsin’s largest bank, Marshall & Ilsley Corporation (M&I), has extended its foreclosure moratorium for distressed homeowners through March 31 as part of its Homeowner Assistance Program.

M&I originally instituted the foreclosure freeze in December 2008, as has been a typical practice for many lenders around the holiday season since the housing crisis set in. The company has been regularly extending its suspension on home repossessions ever since to afford customers who are struggling with their mortgage payments the opportunity to keep their homes.

Owner-occupied residential loans in all M&I markets are included in the moratorium as long as customers agree to work toward a successful repayment agreement.

The company’s Homeowner Assistance Program provides streamline assistance for distressed homeowners who may be at risk for foreclosure. It also offers a foreclosure abatement program with several refinancing options, such as term extensions and reduced rates that can be used to reduce monthly payments.

According to a recent statement from M&I, the bank also continues to extend credit to new and existing customers. From mid-November 2008 through November 30, 2010, M&I has extended more than $10.3 billion in new credit.

In addition to its 192 offices in Wisconsin, M&I operates locations in Florida, Arizona, Indiana, Minnesota, Missouri, and Nevada. (Source : DS News)