Since 2009, Bank of America has ramped up efforts to help customers facing hardship with their homes. The number of mortgage specialists in the outreach division has quadrupled to 2,000 since late last year. And by the end of 2011, there will be nearly 50 customer assistance centers nationwide in areas that have been the hardest hit by the housing market, including locations in East Hanover and Pennsauken, NJ. The centers offer similar financial help as last week’s event, and customers can get on-site decisions with mortgage specialists and other financial counseling.
The goal is to get homeowners a loan modification, but options like short sales, deed in lieu of foreclosure (in which the house is given back to the lender without foreclosure) and foreclosure itself are also discussed. Of the customers who bring in all the necessary paperwork, about 60 percent receive a decision about a loan modification on-site and the remaining homeowners typically have an answer within 30 days.
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