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Webster Bank Suspends Foreclosures

""Webster Bank N.A."":http://www.websteronline.com, a subsidiary of Webster Financial Corporation, announced today that it is halting foreclosures for 90 days, becoming the latest bank to expand its mortgage assistance program to keep more families in their homes.
Under the new program, Webster will temporarily suspend foreclosure activity for at least 90 days for all qualified homeowners who were more than 30 days delinquent on their Webster residential mortgages as of Nov. 4, and work with those customers to structure more affordable payment plans so they can stay in their homes, the company said. Webster said it would also identify and reach out to borrowers who are at risk of falling behind on their mortgage payments.
""Our goal, as always, is to identify and meet the financial needs of our customers. During this challenging economic time, we feel a heightened responsibility to assist those who are under financial pressure and are threatened with the possibility of losing their homes,"" said James C. Smith, Webster's chairman and CEO. ""Just as my father did when he founded Webster Bank during the Great Depression, we will do everything in our power to keep people in their homes.""
To be eligible for the program, the mortgage must be owned by Webster, and the borrower must occupy the home as their principal residence, be working in ""good faith"" to stay current on their mortgage, and provide evidence of sufficient income to support a modified mortgage payment. The bank said mortgage assistance will focus on creating affordable, sustainable payment plans, and may include such options as: temporarily reducing the monthly payment, extending fixed payment periods on adjustable loans, extending mortgages beyond the current length, refinancing, or adjusting interest rates.
Webster is headquartered in Waterbury Connecticut. It has $17.5 billion in assets and 181 offices throughout Connecticut, Massachusetts, Rhode Island, and New York. Webster's announcement today follows similar initiatives by several major lenders, including Bank of America, JPMorgan Chase, Citigroup, and Fannie Mae and Freddie Mac.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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