Regions offers expanded program for struggling homeowners
BIRMINGHAM, AL (WSFA) - Regions Bank is among the first mortgage providers to offer an expanded federal HARP program. HARP stands for the Home Affordable Refinance Plan. It's aimed at homeowners who are having difficulty paying their mortgage payments.
Regions is a participant in the revised program, which previously helped thousands of Americans refinance their mortgages. The new program extends the original program through December 31st, 2013.
There are also new provisions that eliminate or lower certain fees for some borrowers.
"Regions is committed to supporting programs that help consumers avoid foreclosure, through our own Customer Assistance Program and the broader Making Homes Affordable initiatives," said Barb Godin, Chief Credit Officer for Regions.
"Since 2007 Regions has kept more than 41,000 customers in their homes, while maintaining a foreclosure rate that is half the national average. The changes to the HARP program make it easier for homeowners in need of help to find it, and to take advantage of historically low interest rates."
One important expansion of the HARP program allows any participating institution to refinance a mortgage owned by Fannie Mae or Freddie Mac. Previously, the only institution that could refinance a loan under the HARP program was the current servicer for the mortgage.
The expansion of the program allows Regions to assist both those individuals who have a mortgage through Regions and those who have their mortgage with another provider.
In addition to participating in HARP, Regions has also provided assistance to homeowners through the Federal Housing Finance Agency's (FHFA) Home Affordable Modification Program (HAMP) and through Regions Customer Assistance Program.
To contact Regions Mortgage in Montgomery, dial (334) 213-1340.
Source: Regions Bank