Milwaukee Business Journal (WI) (05/06/09)
Green Bay-based Associated Bank recently enhanced its mortgage modification program to defer up to 12 months of payments for unemployed mortgage holders. This new extended component is designed to help borrowers who are not covered by the government’s Homeowners Affordability and Stability Plan. To be eligible for the initiative, borrowers must have their first mortgage with Associated Bank, be receiving unemployment benefits and be actively seeking new employment. President and COO Lisa Binder commented, “This program gives these homeowners hope by helping them keep their homes without draining their personal savings they need for other expenses, or other assets they will need for their long-term financial security once they find new employment.” Borrowers must make a minimum monthly escrow payment of one-twelfth their property taxes and homeowners insurance during the deferment period. Additionally, they must provide proof of receipt of unemployment insurance benefits every three months throughout the period in order to maintain eligibility.
Tags: milwaukee homes for sale, milwaukee mortgage, Milwaukee Real Estate
