was the fourth largest bank holding company in the United States by deposits. In 2008, Regions Financial Corp was the fourth largest bank holding company in the United States based on deposits. This organization provided over 15 billion dollars in loans to people who are struggling to pay their debts and bills in today’s economy. These loans were for things such as mortgages, foreclosures, small businesses, and community developments. The funding didn’t just stop there. For the past two years, the bank has given more than $40 billion in extra help. Regions Bank has committed to providing over $100 billion as part of a 7 year program.
Regions Bank has expanded its Customer Assistance Program to provide more help to troubled borrowers. Through this program, borrowers can get assistance with things like making their mortgage payments, avoiding foreclosure, and getting access to credit counseling services. This program will help keep people in their homes by preventing foreclosures. This means that they not only help people find jobs, but also help those who are economically disadvantaged to have better opportunities. The Customer Assistance Program provides mortgage and foreclosure assistance to customers.
In 2006, Regions Bank announced that it would commit $100 billion to supporting small businesses. The plan will provide at least $40 billion in home loans 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 to help finance community development projects.
Components of the Customer Assistance Program
There is more than one way to get help. Some examples of these are listed below.
This means that the homeowner will not have to make a payment for a certain period of time. This can be helpful when someone is dealing with a difficult situation and just needs some time to get things back in order. The Regions forbearance program will allow borrowers to make lower or no payments for several weeks or a few additional months.
When you have missed payments, a repayment plan can help you to get caught up. This solution will allow the borrower who has been delinquent or missed a few payments to make their regularly scheduled payment going forward and catch up on a missed payment. So people can end up behind a few months later.
Loan modifications are changes made to your home loan to make it more affordable, to catch up on missed payments, or to stop a foreclosure from happening. The bank may lower your interest rate, extend the term of your mortgage, or take other actions.
A house may be offered as a Short Sale or Pre-Foreclosure. Some homeowners can’t afford to keep their home up and running. Regions may take a few different actions. This means that the bank may begin the foreclosure process while you are still in the process of selling the home. Some lenders may agree to a short sale, where the home is sold for less than the amount owed on the mortgage. A short sale is when a homeowner sells their property for less than the outstanding balance of the loan. The proceeds from the sale will go to the lender, and the remaining balance on the mortgage may be forgiven.
A Deed-in-Lieu is when the homeowners turns their home over to the bank as they can’t see it. This will help the borrower keep their credit score high, and prevent them from foreclosure. It gives someone a new start, so the family can go on their ways and settle into a new apartment or more affordable home.
Other possible options include resuming payments, suspending payments, and more. To find out more about Customer Assistance programs from Regions Bank, please call 1-800-748-9498.