At Boston Private, we understand that many factors can contribute to a financial hardship. We offer the following options for mortgage clients requiring financial assistance:
- Loan Modification – for qualifying clients who wish to remain in their primary residence, the Bank may modify the terms of your original loan. Boston Private uses some combination of the following to achieve a reasonable modified loan payment:
- capitalizing any outstanding interest
- extending the loan term
- lowering the interest rate
- Short Sale – for qualifying clients who do not wish to remain in their homes, a short sale allows for the sale of a home where proceeds are less than the total amount owed on the loan.
- Deed-in-Lieu – for qualifying clients who are unable to sell the home due to extenuating circumstances, a deed-in-lieu of foreclosure enables the client to convey all interest in the property to the Bank.
We encourage our clients experiencing financial hardship to reach out to us for assistance as early as possible.
To get started, simply follow the links provided.
- A letter of instruction from Boston Private
- Borrower Financial Statement Worksheet
- Foreclosure Prevention Escalation Procedure
Please gather the appropriate financial documents as detailed within the letter above and complete the Borrower Financial Statement Worksheet, and mail to: Boston Private Bank & Trust Company; Collections Department: Ten Post Office Square; Boston, MA 02109.
If you have questions or need further assistance, please contact a Boston Private Collections Specialist at 855.211.7781.
Additional resources for homeowners can be found at www.hud.gov, or by calling the U.S. Department of Housing and Urban Development (HUD) at 800.569.4287.
Boston Private is an Equal Housing Lender. All loans are subject to credit approval.
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