Get mortgage help in Rhode Island and also find foreclosure assistance.
Find assistance with paying your mortgage and also get foreclosure help in all areas including Providence and Warwick.
Mortgage Relief Initiative in Rhode Island and New England
Citizens Bank, Bank of America (1.800.846.2222), Sovereign Bank, Webster Bank (1-800-270-5300), and TD Banknorth have committed hundreds of millions of dollars to create the Mortgage Relief Fund. The goal of this fund and mortgage assistance program is to help eligible homeowners in New England refinance their current mortgage into more conventional fixed-rate loans that will better meet the homeowners needs and allow homeowners to continue to pay their bills.
These banks are trying to help homeowners that have a high-rate, nontraditional, or resetting mortgage loan and who are having difficulty paying their mortgage. It can also help those Rhode Island borrowers who expect to have difficulty in the future.
Who is this Fund targeted for?
This Fund is targeted to helping those homeowners who are currently in a fairly good standing with their current mortgage loan(s) but who may fall behind in the future. These homeowners may also expect to have a greater hardship in making their payments when their rates reset to a higher interest rate. Many of these homeowners may also be having difficulty in making payments now.
Are you eligible for aid?
If you are having difficulty in making your mortgage payments, you need to take a moment to consider whether you may be eligible to get help and participate in this initiative. Some of the conditions are below.
- Generally made almost all of your mortgage payments on time
- Your home is worth more than the total of your current mortgage loan balance(s)
- You currently reside in the property being refinanced
- You are able to document your current income
then you may be eligible for help and consideration under this mortgage refinancing initiative.
Providence Rhode Island foreclosure mediation
The city has created a Foreclosure Mediation Ordinance. This program will require that lenders and homeowners meet with a mediator before proceeding with a foreclosure filing. It is a mandatory session, and the goal is for the mediator to try to find a solution that that will save the homeowners residence.
Rhode Island Housing HelpCenter
This non-profit organization has helped thousands of homeowners deal with mortgage and foreclosure problems. They provide a wide variety of free programs, counseling, and advice. Click here to learn more about how the Rhode Island Housing HelpCenter may be able to assist you, and learn how they can even help you by dealing directly with your lender or bank.
Federal government grants and funds for paying mortgages in Rhode Island
The federal government has authorized tens of millions of dollars in grants to Rhode Island as part of the Hardest Hit Fund. The money will be used to fund various mortgage and foreclosure assistance programs. Read more on this program.
Non-profit agencies Rhode Island
There are several different non-profit agencies for struggling homeowners in Rhode Island to contact if they need mortgage help or if they are facing a foreclosure. Counselors will offer a number of workshops and counseling sessions to residents. Learn more about Rhode Island housing agencies.
Bank of America Customer Assistance Center
The national lender has one primary location that supports homeowners across the state of Rhode Island. They offer a number of mortgage and foreclosure assistance programs to BOA customers, including many free ones. The center provides homeowners the ability to meet one on one with a housing specialist.
This form of communication expedites the process, and ensures that all options are explored and discussed. Face to face communication has been shown to be the best way to get information on various mortgage and housing programs. The representatives can also help people sign up for assistance as quickly as possible. Read more on the center, find phone numbers and the address.