Mortgage-relief options announced for eligible Minnesota homeowners impacted by COVID-19

ST. PAUL, Minn. (FOX 9) - State leaders are announcing a plan to offer mortgage-relief options for Minnesota homeowners impacted by COVID-19 who do not have a federally-backed mortgage.

Thirty-one Minnesota financial institutions have committed to provide these options for affected homeowners who are not covered by CARES Act. The participating credit unions and banks will offer a 90-day forbearance period. Those who qualify for forbearance will not have to make a lump-sum payment at the end of the period and instead work on creating repayment options with the institution. There will be no late fees or negative credit reporting for customers under this plan.

Attorney General Keith Ellison's office and Governor Walz's office worked together to create the framework for this relief option.

“In the next few weeks, we may see a dramatic increase in the number of foreclosures and evictions. I am very pleased to announce that these banks and credit unions across Minnesota are working together to try to mitigate the damage,” Attorney General Ellison said. “I thank each of the participating institutions for stepping up to the plate to help Minnesotans that are struggling because of COVID-19 and for recognizing that we are all better off when every Minnesotan has stable housing.”

The following financial institutions have agreed to offer the mortgage relief options provided by this framework:

•   Accentra Credit Union
•   Affinity Plus Federal Credit Union
•   Anoka Hennepin Credit union
•   Bremer Bank
•   Central Minnesota Credit Union
•   City & County Credit Union
•   Dawson Co-op Credit Union
•   Embarrass Vermillion Federal Credit Union
•   Financial One Credit Union
•   First Alliance Credit Union
•   First Security Bank
•   Foresight Bank
•   HBI Employees Credit Union
•   Heartland Credit Union
•   Mayo Employees Federal Credit Union
•   Members Cooperative Credit Union
•   MidMinnesota Federal Credit Union
•   Minnco Credit Union
•   Minnesota Valley Federal Credit Union
•   MN Catholic Credit Union
•   Mower County Employees Credit Union
•   North Memorial Federal Credit Union
•   NorthRidge Community Credit Union
•   Riverview Credit Union
•   South Metro Credit Union
•   TopLine Federal Credit Union
•   Two Harbors Federal Credit Union
•   US Bank
•   Virginia Co-op Credit Union
•   Wakota Federal Credit Union
•   Wings Financial Credit Union