M&I Extends Foreclosure Moratorium

Milwaukee, Wisconsin-based Marshall & Ilsley Corporation (M&I) announced this week that it is extending its foreclosure moratorium through June 30, 2009. M&I's initial 90-day moratorium was announced on December 18, 2008, as part of the lender's Homeowner Assistance Program.
In addition to the freeze on foreclosure proceedings, M&I's Homeowner Assistance Program features streamlined assistance for potentially distressed homeowners who the bank identifies as being at-risk and initiates contact to offer assistance. The program also offers several refinancing options, including term extensions and reduced rates, that can be used to reduce homeowners' monthly payments.
Mark Furlong, president and CEO of Marshall & Ilsley Corporation, said, "Through our Homeowner Assistance Program, M&I bankers are available to assist homeowners who may be experiencing financial stress, with the ultimate goal of helping them stay in their homes as they recover from their economic challenges. Our objective is to proactively work with our customers, including offering guidance to families before they are faced with the possibility of foreclosure."
Mayor of Milwaukee Tom Barrett commended M&I for its home retention efforts. "M&I, through this important program, is making noteworthy progress in keeping many families in their homes," Barrett said. "We applaud them for extending the moratorium so even more families can benefit during this challenging economic time."
M&I's foreclosure suspension applies to all owner-occupied residential loans for customers who agree to work in “good faith” to reach a successful repayment agreement. The moratorium covers applicable loans in all M&I markets.
Founded in 1847, Marshall & Ilsley Bank is the largest Wisconsin-based bank, with 193 offices across the state. M&I also has locations throughout Arizona, Minnesota, and along Florida's West Coast and Central Florida. The bank also has a presence in Indianapolis, Kansas City, St. Louis, and Las Vegas.

Rob Alley, Realtor
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