Regions bank provides billions of dollars in mortgage help.
During 2008, Regions Financial Corp. provided over $15.3 billion in mortgage lending, foreclosure assistance, small business, and community development loans for low- to moderate-income borrowers who are struggling with paying their debts and bills in today’s difficult economy. The funding did not stop there though. Over the last two years, the bank has provided over $40 billion in additional aid. In total, Regions Bank has committed to providing over $100 billion as part of a 7 year program.
Through the assistance programs being offered by Regions Bank, they have expanded the Customer Assistance Program, which will provide help to troubled borrowers. This program will hopefully prevent foreclosures and save family homes. In addition, they have partnered with Seedco Financial Services to provide increased economic opportunities for both job seekers and disadvantaged workers. The Customer Assistance Program is one of Regions main resources that is focused on providing customers with mortgage and foreclosure assistance.
Regions Bank first announced the $100 billion commitment in 2006. In total, the plan will provide at least $40 billion in home loans mortgages for low- to middle-income families, $50 billion for small business loans, foreclosure assistance and counseling, and additional aid for families who are living in low- to middle-income communities. Also, $10 billion will be provided for community development lending.
Components of the Customer Assistance Program
There are several different forms of assistance offered. Examples of them are listed below.
Forbearance will temporarily suspend a homeowners monthly payment. This is very helpful when someone is faced with a short term crisis or hardship and they just need a few months time to get back on track. The Regions forbearance program will provide a borrower with several weeks or a few additional months of lower or no payments.
Repayment plans can help people get caught up on missed payments. If you have been delinquent or missed a few payments, this solution will allow the borrower the ability to make their regularly scheduled payment going forward and allow them to catch up on a missed payment. So people can get caught up in a few months time.
Loan modifications will change the terms of your home loan to either make it more affordable, to cure a delinquency, or to potentially halt a foreclosure. Regions Bank may reduce your interest rate, extending the term of the mortgage, or take other actions.
Short Sale, or Pre-Foreclosure, may be offered. Some homeowners just can’t afford to keep their home. So Regions may do a couple things. One is they may slow down or stop and in process foreclosure while you are in the process of selling it. Or they may allow a short sale to go through. This is when a homeowner sells their property for less than the outstanding balance of the loan. They will then need to turn any proceeds over to the lender, and the difference between the sale price and the original mortgage may be waived.
A Deed-in-Lieu will be when the homeowners turns their home over to the bank as they can’t see it. This will allow the borrower to retain their credit scores, and it will allow them to stop the foreclosure. It gives someone as close to a fresh slate as possible, so the family can go on their ways and settle into a new apartment or more affordable home.
Other options may include reinstatements, suspension of payments, and more. To learn more about these or other Customer Assistance programs from Regions Bank, call 1-800-748-9498.