IBC debuts financing program

March 9, 2009
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IONIA — Independent Bank Corp. today began offering assistance to homeowners as part of the new “Making Home Affordable” program announced by the Obama administration March 4.

President and CEO Michael M. Magee indicated that many aspects of the proposed plan mirror actions Independent Bank has taken over the past year to help customers with loan modifications during the economic recession.

“We are encouraged by the scope of the plan put forth by the Administration, and we are looking forward to participating in it as the remaining details of the plan are finalized,” Magee stated. “In the interim, we will continue to work diligently with our borrowers to find the best possible solutions to help them stay in their homes.”

The bank is prepared to work with consumers under the Making Home Affordable refinancing program for loans owned by Fannie Mae or Freddie Mac that are serviced by Independent Bank. After initial review of the new refinance program, the Bank anticipates being able to refinance $15 million to $20 million in loans that were unable to qualify in just the past few months. Consumers with this type of mortgage serviced by Independent Bank are encouraged to call or visit their local branch for more information on how to participate in the program.

Independent Bank also will participate in a number of foreclosure-related forums to be hosted by Michigan Attorney General Mike Cox at locations throughout Michigan in order to provide consumers with information on mortgage refinancing or modification programs available. They are set for:

April 28, Ford Field in Detroit

April 29,  Horizons Conference Center in Saginaw

April 30 at the DeltaPlex Entertainment & Expo Center in Grand Rapids.

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