“We hope this foreclosure suspension will provide some relief during the holidays to those experiencing financial hardships,” ING Direct CEO Arkadi Kuhlman said.
The suspension could make a world of difference to about 250 of ING Direct’s customers with seriously delinquent mortgages. So will winning the essay contest. Homeowners currently in the foreclosure process were not eligible for the essay contest.
More than 5,500 homeowner submitted 250-word essays for the chance to win a mortgage payment, according to the Associated Press (AP). From those entries, 500 winners, those with the most compelling stories, were selected.
ING Direct forgave an average of $1,700 of mortgage debt per winning household. A total of more than $860,000 in January mortgage payments were forgiven.
ING Direct is the operating for ING bank, fsb., the nation’s largest direct bank. Headquartered in Wilmington, DE, the company recently acquired ShareBuilder in their continuing effort to meet the financial services needs of Main Street America.
More than 7 million Americans have entrusted their savings to ING Direct since 2000.
