DCECU Joins MiMortgage Relief Partnership April 23, 2020
Dow Chemical Employees’ Credit Union has joined financial institutions across Michigan in providing a three-month mortgage payment relief option to homeowners experiencing financial hardship due to the COVID-19 pandemic.
The MiMortgage Relief Partnership is a statewide program, just unveiled by Gov. Gretchen Whitmer and the Michigan Department of Insurance and Financial Services (DIFS), to address the economic impact of the pandemic. COVID-19 has created temporary financial difficulties that may make it difficult for many people – including DCECU members – to continue making monthly loan payments.
“No homeowner should have to worry about losing their home during the current public health crisis,” said DCECU President/CEO Michael Goad. “Joining the MiMortgage Relief Partnership was an easy decision for us, as our current mortgage loan relief solutions were already formulated to care for our members during this challenging time, in the same spirit of this partnership.”
While the U.S. Congress enacted relief only for federally backed mortgages, DCECU wanted to offer broad mortgage loan relief to those financially impacted by the coronavirus and is offering to defer three monthly mortgage loan payments to members impacted by COVID-19.
Members must contact DCECU and request to be a part of the credit union’s mortgage payment relief program. Those who opt in will receive the following benefits during the three-month deferment period:
- Monthly mortgage payments will not be required, although interest will continue to accrue
- Late fees will be waived
- Mortgages will not be reported adversely to the credit bureaus
- DCECU will not initiate foreclosure for at least 90 days
DCECU mortgage loan borrowers who wish to learn more about the deferment opportunity should call the credit union at 989-835-7794 or 800-835-7794 (toll-free) between 7:30 a.m. and 5:30 p.m. EDT Monday through Friday. DCECU members who are experiencing any financial hardship related to COVID-19 are encouraged to call as well. A dedicated team is available to identify customized solutions to meet members’ needs.
Prior to signing on to the MiMortgage Relief Partnership, DCECU had already helped many members via a variety of customized solutions to grant increased access to cash, reduce fee impact or potentially extend loan payments. Participation in the partnership is “another meaningful way for DCECU to assist our members during this time of crisis,” Goad said.
covid-19 relief mortgage