More Post-Flood Advice: Call Your Lender Immediately About Mortgage Payments
St. Paul, MN – April 09, 2009 – (RealEstateRama) — Officials at the Minnesota Department of Commerce today urged homeowners affected by the flooding in northwest Minnesota to begin communicating immediately with their lenders about their mortgage payments. The sooner banks and mortgage holders know about an emergency financial situation, the easier it might be to negotiate an alternative payment plan.
As the chief regulator for state chartered banks, the Department of Commerce encourages bankers to work constructively with borrowers in communities affected by the flooding and those that do will not be subject to examiner criticism. Federal bank regulatory agencies have issued similar communications in the past.
“It’s good business for banks to work with their customers in this time of financial stress,” said Glenn Wilson, Commissioner of the Minnesota Department of Commerce. “Residents affected by this tragedy need to contact their lenders immediately.”
The Minnesota Department of Commerce has listed some resources and information for northwest Minnesota flood victims related to home and auto insurance, mortgages.
Contact Bill Walsh: (651) 296-7531
