Gov. Tim Walz and Lt. Gov. Peggy Flanagan Update: June 2, 2020

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July 2, 2020

Updates from the Governor

Minnesota families have been hit hard by the COVID-19 pandemic. Today, Minnesota Attorney General Keith Ellison, Governor Tim Walz, and Lieutenant Governor Peggy Flanagan announced a commitment by 31 Minnesota financial institutions to provide mortgage-relief options to customers facing financial hardship caused by COVID-19 for homeowners not covered by the CARES Act. This initiative will provide flexibility to Minnesotans who need help affording their mortgage payments during this unprecedented time.

Under this framework, participating financial institutions have agreed to offer the following relief options:

  • 90-day forbearance period for customers facing financial hardship caused by COVID-19 Participating financial institutions will offer mortgage-payment forbearances of up to 90 days to single- or multi-family mortgage customers directly impacted by COVID-19. The framework went into effect yesterday, July 1, 2020, so qualifying customers can begin applying for forbearance immediately.
  • Customers accessing forbearance will not be required to make a lump-sum payment at the end of forbearance plan Participating financial institutions will not require single-family customers who qualify for forbearance under this framework to make a lump-sum payment at the end of the forbearance plan. Instead these institutions will work with borrowers on repayment options, which may include:
    • Allowing customers to add the reduced or missed payments over the lifetime of their loans; or
    • Extending the maturity of the loan to make up for the missed payments.
  • No late fees or negative credit reporting for customers in a forbearance plan For single-family customers who are in an active forbearance plan under this framework, the participating financial institutions will:
    • Freeze all mortgage-related late fees for missed payments; and
    • Not report late or missed payments with credit reporting agencies.

More information is available here.

Governor Walz and Lt. Governor Flanagan wish Minnesotans a happy and safe Fourth of July this weekend. We know our celebrations will look a little different this year. And as COVID-19 cases surge in many states, we must take steps to protect our neighbors and loved ones. That’s why we are encouraging Minnesotans to wear a mask this holiday weekend. It is one of the simplest ways you can support local businesses and keep yourselves and others safe.

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Everyone can work to reduce the spread of COVID-19

  • Wear masks when in public. 10-50% of virus carriers are asymptomatic wearing masks helps control the virus and has been shown to lower COVID-19 spread.
  • Avoid enclosed spaces with groups of people, where the virus can linger in the air for long periods of time.
  • Get tested if you have cold or flu-like symptoms – Find testing locations.
  • Stay six feet away from others.
  • Cover your coughs and sneezes with your elbow or sleeve, or a tissue and then throw the tissue in the trash and wash your hands afterwards.
  • Washing your hands often with soap and water for 20 seconds, especially after going to the bathroom or before eating. If soap and water are not readily available, use an alcohol-based hand sanitizer that contains at least 60% alcohol.
  • Avoid touching your face – especially your eyes, nose and mouth – with unwashed hands.
  • Up-to-date guidance is available from the Department of Health.

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