ST. PAUL, Minn. (AP) — State officials said Thursday that 31 Minnesota financial institutions have committed themselves to provide additional mortgage-relief options to homeowners facing financial hardship caused by the coronavirus pandemic who don’t have federally backed mortgages.

Under the framework announced by Attorney General Keith Ellison and Gov. Tim Walz, the participating banks and credit unions have agreed to offer 90-day forbearance periods. Qualifying families won’t have to make lump-sum payments at the end of that period for what they owe. Instead the institutions will work with borrowers on repayment options. The institutions will freeze late fees for missed payments and won’t report late or missed payments to credit agencies.

“In the next few weeks, we may see a dramatic increase in the number of foreclosures and evictions,” Ellison said in a statement. “I am very pleased to announce that these banks and credit unions across Minnesota are working together to try to mitigate the damage.”

The participating financial institutions include U.S. Bank, Bremer Bank, First Security Bank, Foresight Bank and 27 credit unions across the state.

This framework is similar to agreements reached in California, Michigan, Pennsylvania, and other states.

The Minnesota Homeownership Center is an independent nonprofit that specializes in assisting homeowners with their options. They can be reached at (651) 659-9336 and Consumers are urged to reach out early, as available options diminish once payments are missed.

Financial institutions agreeing 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

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