I was reading in the news that Webster Bank, N.A. is actually planning to have a 90-day moratorium on home foreclosures for homeowners that are more than 30 days behind on their mortgage. In addition, they will offer mortgage assistance programs with the objective of keeping people in their home and working out alternative payment plans that are more flexible for their clients. This program sounds like a good idea to me, but there are a few catches:
1. Borrowers must occupy the home as their principal residence.
2. Make an effort to stay current on their alternative payment mortgage.
3. Provide evidence of income that's adequate enough to support alternative mortgage payments.
Another interesting thing to note is Webster also handles mortgages owned by other creditors, so are planning to contact many creditors on behalf of homeowners to see if they would consider foreclosure prevention or mortgage assistance programs for their customers.
You can contact them at Webster's loan customer service center at 1-800-270-5400.
Good Stuff, we need more home lenders to step up and take the initiative to help us fix our financial crisis. Many people going through this right now are honest, hardworking individuals that are doing the best that they can do, but just need a little help. One man's opinion.
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