Mortgage Help Centers For Foreclosures
Bank of America has announced that it will triple the number of mortgage help centers that it operates assist troubled homeowners. The company plans to increase the number of centers nationwide to 40 from 12 by early summer, with most of the new centers being added in markets that were especially hard hit by the housing market crash.
Bank of America said that they are seeing some signs of improvement, including slowing mortgage delinquencies, but that many homeowners continue to struggle with their payments. Loan professionals who have been trained to counsel customers will staff the help centers, and they will provide assistance with the entire loan-modification process, or assist with other foreclosure prevention solutions if a modification is not possible. Seven of the new centers will be opened in distressed areas of California, including locations in Modesto and Bakersfield.