Mortgage help and foreclosure assistance from Regions Bank.

A mortgage assistance program launched by Regions Bank has to date helped almost 25,000 homeowners either avoid or stop the foreclosure process. Regions Bank initiated the pro-active mortgage foreclosure prevention program, which is known as the Customer Assistance Program, to provide mortgage and foreclosure help. Regions Bank made the decision to proactively identify homeowners who may be at risk of falling behind on their current mortgage payments and those who are facing foreclosure, and then Regions is approaching them to provide mortgage help so that they stay current and get back on track.

Regions Banks has now expanded this mortgage assistance program to its 16 state market.

In order to receive mortgage assistance from this Regions Bank program, the bank will require the homeowner to send them a letter detailing the problem that they are facing, what steps the homeowners wants to and is planning to take to save their home, and how long their difficult circumstances are expected to last. In addition, Regions Bank will ask for financial statements from the borrower to prove the hardship truly exists.

As in many loan modification programs, both the homeowner and the bank benefit. It is significantly less expensive for Regions bank to partner with the customer to provide them mortgage help in order to save their home. Is is less expensive than taking the home as collateral. This is even more true in areas with high foreclosure rates as home resale values have dramatically decreased.

Another benefit to this mortgage assistance plan being offered by Regions bank is that the bank has also said that as long as the customer receives mortgage assistance before they fall behind on their payments, that the modification process will not be reflected on their credit report and it will not hurt the homeowners credit long term.

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