Help with paying mortgage in Vermont. Get foreclosure assistance
Obtain mortgage help and assistance. Find foreclosure aid in all areas including Burlington.
The Vermont and New England Mortgage Relief Initiative
With the strong support as well as encouragement of the Federal Reserve Bank of Boston, 5 banks have partnered together and committed hundreds of millions of dollars to create the Mortgage Relief Fund. The five participating banks include Bank of America, Sovereign Bank, TD Banknorth, Citizens Bank, and also Webster Bank.
The Mortgage Relief Initiative was created to help homeowners who are in good or fairly good standing with their current mortgage, but who may be having recent trouble in making their mortgage payments and may be at some level of risk of losing their homes when their mortgages reset to a higher interest rate.
You may be eligible for consideration for assistance if :
- You need to reside in the property
- Your house is valued at more than the total balance of your mortgage
- You have typically paid your mortgage bills on time
- You must be able to document your current income
Whenever possible, the banks that participate in this initiative will help all eligible homeowners in Vermont refinance their current mortgage into a conventional mortgage loan that will better meet their financial needs and means.
Vermont Mortgage Assistance Program hotline
Another resource that homeowners can turn to includes the Vermont mortgage hotline as well as several non-profit agencies. The state Mortgage Assistance Program hotline can be reached at (888) 568-4547, and they will help people decide on what options are best for their financial situation.
One non-profit agency, NeighborWorks of Western Vermont, just last year received over 200 foreclosure prevention calls, which is about a 100% increase from previous years. Some of the top advice they have for struggling homeowners is to call the mortgage lender and enroll in foreclosure prevention counseling, or programs that they may offer. For example, click here to learn about Wells Fargo programs. Many other banks and lenders offer their own foreclosure prevention services.
In addition, NeighborWorks of Western Vermont also offers Department of Housing and Urban Development approved one-on-one counseling and Financial Fitness for Foreclosure classes. For more information on these options and services, call 438-2303, ext. 220.