Mortgage Relief Fund

	En Espãnol

These days, many homeowners are struggling. Some have high-rate home loans with difficult terms. Many see falling home prices eroding their home equity. Some can't refinance because their home is now worth less than their loan. And some are losing their homes to foreclosure. There is no simple answer to these problems. But the banks serving your communities want to be part of the solution.

The "Mortgage Relief" Initiative The Mortgage Relief initiative has grown from five regional banks to nearly fifty banks of every size, with branches throughout much of New England. The participating banks represent a safe and sound place to discuss your credit needs and financial situation, with expertise and respect. Whenever possible, the banks participating in the initiative will help eligible homeowners refinance into conventional loans that will better meet their needs. Who Can We Help? The banks aim to help homeowners with high-rate, nontraditional, or resetting loans who are having difficulty making payments (or expect to). Part of the Solution Banks that serve the region, regardless of their size, have a stake in the success of the New England economy. The banks participating in the Mortgage Relief Initiative: • have committed to reach out to borrowers in high-rate mortgages with difficult terms; • are expanding their utilization of programs that may help borrowers with limited home equity (programs like Federal Housing Authority loans, and loans guaranteed by state agencies); • have designated one or more "go to" lenders who can help borrowers explore their mortgage relief options; Admittedly and as much as we'd like to, the Mortgage Relief banks can't help everyone - in particular those who are seriously delinquent on mortgage payments, those who owe far more than the current value of their home because prices have fallen, and those facing imminent foreclosure. Borrowers in those difficult situations should work to contact the servicer of their mortgage as soon as possible (in particular, the servicer's loss mitigation department), or a mortgage-counseling service such as Homeownership Preservation Foundation (888.995.HOPE).	If your house is worth more than your mortgage loan balance(s) and you’ve generally made your mortgage payments on time, refinancing into a mortgage from a bank could bring you stability and security. If your situation is more difficult - for example your home is now worth less than your loan(s), it may still be helpful to speak with a banker. Many of the banks in the Mortgage Relief Initiative participate in programs at the federal, state, and local level that may work for you. Each participating bank offers a variety of fixed and adjustable rate loans and underwrites to its own guidelines. They may or may not be able to help you; but talking to a bank about your home-loan challenge is often a good idea. Please note that it is solely up to homeowners to initiate contact with any of the banks involved with this fund. At no time will any of the banks contact you unless you initiate contact first. Each bank offers a variety of fixed and adjustable rate loans and underwrites to its own guidelines. All disclosures are in English.

To learn more, speak with one of the banks participating in the Mortgage Relief Initiative. The five founding institutions are listed below. And a list of the dozens of community banks that participate is available on the website of the Massachusetts Bankers Association (visit www.MassBankers.org or www.MortgageReliefFund.com).

Mortgages are offered and originated by RBS Citizens, N.A. Citizens Bank is a brand name of RBS Citizens, N.A. and Citizens Bank of Pennsylvania. RBS Citizens, N.A. and Citizens Bank of Pennsylvania are affiliates. Citizens Bank is a registered trademark of Citizens Financial Group, Inc. or its Affiliates. Member FDIC. Equal Housing Lender.
	Member FDIC © 2008 Sovereign Bank and its logo are registered trademarks of Sovereign Bank or its affiliates or subsidiaries in the United States and other countries. All applications subject to credit approval and underwriting guidelines. TD Banknorth is a trade name of TD Bank N.A.
Each Bank offers a variety of fixed and adjustable rate loans and underwrites to its own guidelines. All disclosures and required documents are in English. Each Bank may have different privacy and security policies. Please check each Bank's website for its privacy and security policy.