The Michigan Department of Insurance and Financial Services (DIFS) is reminding Michigan consumers with federally backed mortgages who are worried about falling behind on payments that assistance is available under the Coronavirus Aid, Relief and Economic Security (CARES) Act but they must act before the September 30 deadline.
Under the CARES Act, borrowers with federally backed loans could ask for a pause or reduction of their payments, also known as a forbearance, of up to 180 days, with an extension of 180 days if additional relief is needed. The Biden Administration has extended the forbearance enrollment window through September 30, 2021.
Individuals with federally backed mortgages have until September 30, 2021 to request an initial forbearance. Individuals with loans backed by Fannie Mae or Freddie Mac do not currently have a deadline for requesting an initial forbearance.
The MiMortgage Relief Partnership is also available to assist impacted homeowners in Michigan until December 31, 2021. Through this partnership, more than 230 of Michigan’s financial institutions have agreed to provide mortgage relief to borrowers experiencing financial hardship due to COVID-19.
Individuals unsure of who owns their mortgage can visit the Federal Housing Finance Agency website.
For more information on COVID-19 related mortgage relief, call DIFS Monday through Friday 8 a.m. to 5 p.m. at 877-999-6442.