Wisconsin Bank Extends Foreclosure Moratorium

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.

The Homeowner Assistance Program by M&I also features:

• 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. 

Related Resources:

• Economists divided as foreclosure filings fall (Press Enterprise)
• M&I Announces Extension of Foreclosure Moratorium (PR Newswire)
• UPDATE 1-M&I extends foreclosure moratorium to end of 2009 (Reuters)
• Learn About the Law: Foreclosure (FindLaw)
• Top 10 Posts on Avoiding Home Foreclosure (FindLaw's Law & Daily Life)
• Foreclosure FAQ (provided by Greenblatt & Agulnick PC)