Ameriana Bank has introduced its new initiative, HomeRetain, to assist families to modify or refinance their existing mortgages to more favorable terms and avoid foreclosure.
Ameriana Bank said that HomeRetain is part of the Community Investment Program of the Federal Home Loan Bank of Indianapolis (FHLBI), a source of wholesale funds for member institutions involved in housing or community economic development activities that benefit low- and moderate-income families or neighborhoods.
The FHLBI has announced the HomeRetain initiative in late December 2007, which offered member institutions a $100 million split between the states of Indiana and Michigan. The fund may be used to modify or refinance mortgages for primary residences in any state in which a member does business.
Homeowners should consider HomeRetain if they are presently past due on their mortgage payments, struggling to make mortgage payments in the past 12 months, have an adjustable-rate mortgage resetting to a higher interest rate or have property tax increases.
Jerome Gassen, president and CEO of Ameriana Bank, said: Many families and neighborhoods in our communities are facing home foreclosures and mortgage delinquencies. Everyone loses when there’s a foreclosure – the homeowner, the lender, the community.
We anticipate that HomeRetain can help resolve some of these situations, and we at Ameriana are proud to do our part as a community bank in helping homeowners evaluate their financial options.