Milwaukee -based bank and mortgage lender Marshall & Isley announced Friday that is has extended its foreclosure moratorium an additional three months until December 31, 2010.
The moratorium was originally announced on December 18, 2008 as part of the company’s Homeowner Assistance program, bringing the foreclosure freeze to over two years now.
It applies to all owner-occupied residential loans in all markets for customers who agree to work in good faith with the company to reach a successful repayment agreement.
“M&I’s Homeowner Assistance Program also features streamlined assistance programs for potentially distressed homeowners who are identified in advance and proactively offered assistance,” the company said in a release.
“It also offers a foreclosure abatement program that features several refinancing options, including term extensions and reduced rates that can be used, as necessary and applicable, to reduce monthly payments.”
Marshall & Isley has extended more than $8.9 billion in new credit to customers since receiving bailout funds from the government back in mid-November 2008.
It is the largest Wisconsin-based bank, with 192 offices throughout the state, along with 53 locations throughout hard-hit Arizona, and 36 offices on Florida’s west coast and in central Florida.
The effectiveness of foreclosure moratoriums is still a big question mark – many believe they are simply delaying the inevitable and slowing the eventual recovery, especially with re-default rates so high.