Earlier this month the California Foreclosure Prevention Act, which established a 90-day moratorium on foreclosures in the state, ended. Mortgagors have been relieved that the close of the program on September 15, 2009 has not been marked by a pronounced spike in new foreclosure filings. And while California homeowners may be on their own, Wisconsin residents are getting a little more time to sort out their home finances.
Marshall & Ilsley (M&I) Corporation announced this week that it was extending its foreclosure moratorium for another 90 days—until December 31st 2009. The moratorium is on all owner-occupied residential loans for customers who agreed to work in good faith to reach a successful repayment agreement. It applies to applicable loans in all M&I markets. The moratorium was launched in December 2008 and has since been extended two times before the present extension.
- assistance programs for pre-identified homeowners who may at risk of foreclosure
- foreclosure abatement programs with multiple financing options to reduce monthly payments
M&I is based in Milwaukee and is the largest Wisconsin-based bank. It has branches in Wisconsin, Arizona, Indiana, Florida, Kansas, Minnesota, and Nevada.
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