If you agree to work in good faith with Marshall & Ilsley Corporation, then they will agree to put into place a moratorium on foreclosing your home. So this means that the homeowner will have additional time to negotiate some form of agreement or loan modifications with the lender. During this process they will be able to continue to live in the home, provided they meet other conditions that may be put into place.
While the program does have time limits and may change over time, in the moratorium is on all owner-occupied residential homes for borrowers who work on exploring a repayment agreement. It applies to all home loans and mortgage that were issued in all M&I markets.
The program usually gets extended as well. For example, Marshall & Ilsley Corp., (M&I) has put in place a second extension of its existing foreclosure moratorium program that will extend the moratorium for an additional 90 days and it will run through September 30. However, we wouldn’t be surprised to see a further extension after that date, and as of October, the program was extended. More.
The bank, which is based in Milwaukee Wisconsin and trades on the New York Stock Exchange as (NYSE: MI), initially had announced its first 90-day foreclosure moratorium on Dec. 18. It has continued to be revised and extended over the years, and the lender then went ahead and extended in it March through June 30. There are some criteria. As indicated, the moratorium is on all owner-occupied residential loans for qualified customers who agree to work with the bank in good faith to reach a successful repayment agreement that both the bank and the homeowner can agree upon.
The Kansas City Business Journal rank M&T Bank as No. 7 on the list of midwest area banks, which is based upon market share of banking deposits, which currently stands at a little over 5 percent. Marshall & Ilsley had almost $35 billion in deposits scatted across scores of branches throughout the midwest part of the country. You can also call them to find other mortgage help programs from states in the midwest.
In addition to the foreclosure moratorium referenced above, the bank will continue to provide mortgage relief through its Homeowner Assistance Program. This program also provides a variety of options for homeowners, including streamlined assistance for potentially distressed homeowners and others who need mortgage help. The assistance program offers a foreclosure abatement program with several refinancing options offered to homeowners, including term extensions that allow the loan to be repaid over a longer period of time, and also reduced interest rates are available.
The lender has a couple hundred branches across Wisconsin. In addition, M&I has almost 35 offices in Indianapolis as well as 53 banking centers throughout Arizona. There are also branches in Florida, Minneapolis/St. Paul and Kansas City.
To learn more about the moratorium or the Marshall & Ilsley Homeowner Assistance Program, dial 1-877-225-5266 for more information.
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