|SPRINGFIELD With the recession taking a heavy toll on would be homeowners in the Pioneer Valley one local bank is offering a “second chance” to those working diligently to restore their credit. |
Hampden Bank has announced the availability of a new mortgage product specifically designed for those whose credit has been adversely affected by the recession. Dubbed, the “Second Chance Mortgage”, the product, according to bank officials, could be a viable solution for those deemed “not bankable” during these difficult times but who are working conscientiously to rebuild their credit.
According to Robert J. Michel, the bank’s senior vice president of Retail Lending, “Whether it’s directly due to the recession, job loss, bankruptcy, reduction of income, or other life events, such as divorce or illness, we know there are many good, hard-working people out there who for one reason or another have taken a serious hit in recent times.
“We also know that many of these same people have been working hard to re-establish their credit and we feel they at least deserve a second look and perhaps a second chance. The Second Chance Mortgage could be the solution to get them back into home ownership,” he continued.
Specific underwriting criteria must be met and qualification will be determined on a case by case basis with previous strong credit history and current ability to repay being major considerations.
“It’s important to note, however, we’re not looking at these individuals simply as a credit score, but as people who are making an effort to get back on track,” Michel said.
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