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Marshall and Illsley extends foreclosure moratorium.

Marshall & Ilsley (M&I) corporation has announced an extension of its foreclosure moratorium for an additional 90 days, and the program will now end December 31. The initial foreclosure moratorium program was created back in December 2008, and was part of the overall Homeowner Assistance Program. It has been extended multiple times and is now running thru December. The moratorium in place is for all owner-occupied residential loans for those homeowners who agree to work in good faith to reach a successful repayment agreement with the bank. The moratorium applies to applicable loans in all M&I markets. It is best to contact them if you would like more information or want to apply.

In addition, M&I's Homeowner Assistance Program has several other ways for struggling homeowners to get assistance. The plan also features streamlined assistance programs for potentially distressed homeowners who are identified in advance by the lender and these people will be proactively offered assistance. In addition, it also offers a foreclosure abatement program that offers homeowners several refinancing options, including reduced rates, term extensions and other aid programs that can be used, as necessary and applicable, to reduce monthly payments and provide homeowners with relief.

All assistance offered by Marshall & Ilsley is streamlined, and is meant to help as many people as quickly as possible. For example, the primary mortgage assistance program, which is Homeowner Assistance, is available for distressed, unemployed, or struggling homeowners. The bank will work to identify family’s and individuals in advance, before they fall behind or are served a foreclosure notice. So representatives from M&I will reach out to these people in order to offer them help. They may call them or send a letter. Once again they will this in a streamlined way.

For people who are on the verge of a foreclosure, Marshall & Ilsley will offer these borrowers a foreclosure abatement program. It will offer borrowers several different programs, including ways to refinance or modify their current home loan. Some of the more common solutions include reduced interest rates, term extensions, moratoriums, principal reductions and more. All of these can be used by the homeowner and the lender as necessary and applicable. The objective will always be to help reduce the borrower’s monthly payments and to help keep the family in their home.

Note that Marshall & Ilsley is now known as BMO Harris Bank, as the two lenders merged a couple years ago. Customers can dial 1-877-225-5266 to get information on all options available to them, including this moratorium, repayment plans, and refinancing. Customer service representatives and counselors are available to assist borrowers.




By Jon McNamara

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