MiMortgage Details and Qualifications

If you have a home equity loan and your income has been impacted by COVID-19, you may qualify for 3-months of payment relief. Complete an application for a loan modification if you want to adjust your home equity payment schedule.

Under an approved Loan Modification Agreement, your obligation to make your regular monthly home equity/HELOC payment will be suspended for 3 months. Your loan will not be reported as delinquent to the credit bureaus and Lake Trust will waive any late fees during the 90-day period. See below for more details.

You must submit your Home Equity/HELOC Relief Request 7 business days before your payment is due to allow for processing time.


You must be experiencing financial hardship as a result of the COVID-19 pandemic and your Home Equity/HELOC loan must be no more than 25 days past due. In order to review and approve your Home Equity/HELOC Relief Request, we’ll ask you to provide additional information and documentation about your situation.

Documentation Needed for Unemployed Members:

  • Two most recent pay stubs.
  • Letter from Member’s employer stating that due to COVID-19 Member is temporarily out of work or employer has shut down.
  • Proof of Unemployment filing.

Documentation Needed for Self-Employed Members:

  • Current Profit & Loss or 1099.
  • Completed Hardship Affidavit stating your business has been temporarily shut down due to the COVID-19.
  • Proof of Unemployment filing.

Even if your particular loan does not meet the above criteria, we encourage you to submit your LTCU MiMortgage Relief Request and select “OTHER” as your Reason for Relief. Our team will reach out to you by email or phone to see if there is anything else we can do to help you.

Payment Deferral Plan Details

If approved, we’ll defer the monthly payments and advance the next payment due date of your home equity loan or HELOC by three (3) months. The deferred payments must be repaid, and interest will continue to accrue on the unpaid principal balance during the deferment period.

After the deferment period ends, you’re obligated to resume making your regular monthly payments and continue making payments until the entire loan balance is paid off. Payments will be applied first to the month’s escrow portion (if applicable), then to all of the unpaid interest that has accrued during deferment period, then to the principal balance.

Other Things to Know
  • After you submit your request, our Credit Solutions Team will reach out to you within 3 business days to discuss the next steps in the process.
  • We must approve your request before your home equity payment can be deferred.
  • You're still responsible for making your loan payment on time unless you receive confirmation that your payment deferral request is approved.
  • Please submit a separate request for each loan payment that you want to defer.

Submit a Lake Trust MiMortgage Relief Application.

Need mortgage assistance?

Please contact Mortgage Center at 800.353.4449 or visit their website1 to learn more about how they can help. Through the MiMortgage Relief program, you may be able to postpone your next payment if you qualify.

Lake Trust NMLS#695868

1Third-party website. Lake Trust Credit Union is not responsible for the content, availability, security or compliance of any linked third-party websites. In addition, the site's privacy policies may differ from those of Lake Trust.