Mortgage Foreclosure Help - New Moratorium Extension Announced

The Marshall & Ilsley Corporation (M&I), which is a diversified financial services corporation headquartered in Milwaukee, Wis., and also holds the distinction of being the largest banking financial services corporation based in Wisconsin, recently announced that it would be granting a further three-month extension to its foreclosure moratorium, which extends its validity period up until December 31, 2010.

This foreclosure moratorium was initially announced at the end of last year on all owner-occupied residential loans, to customers who had agreed to work in good faith towards a successful repayment of their loans, as a part of the M&I Homeowner Assistance Program.

Another notable feature of this M&I Homeowner Assistance Program is the proactive assistance it offers to customers facing financial difficulties. By analyzing data, M&I identifies customers who are facing financial difficulties, and offers them options such as refinancing, term extensions and reduced rates, that lead to reduce monthly payments, which prevent their home loans from becoming delinquent. M&I also continues to serve its customers by extending new credit to them and estimates that it has extended over $8.9 billion of new credit to both existing customers, as well as new customers, utilizing the funds it received from the U.S. Treasury in mid-November 2008.