In today’s economy, things like unemployment, rising interest rates and gasoline price hikes can cause unexpected financial hardship. If you or someone you know has experienced a life-changing event, it may become difficult to make mortgage, car or other loan payments. Fifth Third Bank wants you to know that you have options. That’s why we recently launched a consumer outreach program called just that – “ You Have Options.”

What this means is that we are here to help. We have experts who can help you hold on to what you have worked hard to achieve. While we have always taken a proactive approach in this area, our efforts have expanded over the past six months and they continue to expand as our economic picture becomes increasingly challenging.

Teams from across Fifth Third, including mortgage, credit card, auto and other loan groups, are working together on their outreach approach, proactively calling and writing letters to customers who are not only past due on payments, but also those that may soon be at risk – for example those with Adjustable Rate Mortgages resetting in the near future.

“We understand there are events that may cause people to fall behind on their loan obligations and it is in everyone’s best interest to handle the situation in a proactive manner,” said Anthony Weekly, senior vice president, Mortgage. “We want customers to know that they have options, whether it’s a customized repayment plan, loan modification or more. Customers benefit because we provide assistance and an improved financial position at a time when they’re facing significant challenges. The bank benefits because it minimizes our exposure to future losses and potentially delinquent loans.”

The most important thing to remember, according to Weekly, is to call us before your situation gets serious. Fifth Third Mortgage and other lenders don’t want to foreclose on anyone’s home or take away anything our customers have worked hard for. But the sooner you let us know about your circumstances, the more options you will have.

Look for information about this program at any Fifth Third banking center. In addition, with each transaction, customer service representatives also will be passing along information leaflets about the program. While we understand that not all customers are at risk, they may know someone who is and can suggest our services sooner rather than later.

To complement these efforts and to further streamline the outreach process, we have created a dedicated homeownership and credit assistance number. Customers at any stage of difficultly can speak with a bank representative at (866) 601-6391. Additionally, we will include advertisements and information on www.53.com.

As we continue to navigate through this challenging credit environment, it’s important that we share this information with anyone who may be experiencing these difficulties. We are taking our commitment to helping customers manage their financial responsibilities to the next level, while creating stronger customer relationships and a better credit position for years to come.