If you have a high-rate loan, Rosengren suggests you contact your loan servicer about a possible payment adjustment, consult a housing counseling agency about your options, or approach a responsible lender about refinancing.
One refinancing option is the Mortgage Relief Fund
(mortgagerelieffund.com). Five banks set up this program with the encouragement of the Boston Fed to reach out to borrowers with high-rate loans. The banks can help borrowers explore refinancing into a more-affordable loan.
If you don't have easy Web access, he suggests calling:
| Bank of America | 800-344-9403 |
| Citizens Bank | 888-411-1145 |
| Sovereign Bank | 800-288-6225 |
| TD Banknorth | 800-281-0025, ext. 2315 |
| Webster Bank | 800-635-9191 |
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