At least two lenders say they will provide temporary assistance to New England homeowners who suffered flood damage over the past week.
Bank of America reports it will activate its disaster-relief program in Rhode Island and seven Massachusetts counties (Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester) – all designated disaster areas by the Federal Emergency Management Agency.
Under the company's disaster-relief program, Bank of America customers affected by severe storms and floods in Rhode Island and the aforementioned Massachusetts counties may qualify to receive a modification or payment extension on mortgages and lines of credit. The Bank of America Charitable Foundation also will donate $50,000 to the American Red Cross Disaster Relief Fund to support relief efforts in Rhode Island, which has been impacted by the worst flooding the state has seen in 100 years.
Waterbury, Conn.-based Webster Bank, the main subsidiary of Webster Financial Corp., is offering payment alternatives, including payment deferments, for existing customers with mortgages or home equity loans where their home has suffered flood damage or where employment has been disrupted by the flood.