Bank of America Home Loans has recently introduced a new, customer outreach center in Dedham, New England to assist their members throughout Boston and surrounding areas. BoA homeownership retention specialists are available at the center to meet one-on-one with mortgage customers presently going through financial hardships and unable to make timely payments.
As well, BoA associates are readily available to provide support to banking members with financial auto, credit card and personal loan hardship. Glenda Gabriel, BoA’s Neighborhood Lending Executive for Home Loans said, “While we have already assisted 13,000 Massachusetts homeowners with permanent modifications since January 2008, we recognize the need for additional outreach efforts in the area.”
Home Loans associates have been working closely with customers in
Massachusetts for a couple of months already providing counseling and
support in the mortgage modification process.
Homeownership retention specialists at the new outreach center see
homeowners by appointment only. To determine the eligibility for the Fed’s Making Home Affordable program, and/or other BoA modification/foreclosure protection programs, bankers are required to sign authorization in order for BoA to obtain every borrower’s income tax return.
As it is, there was a decline in foreclosures in Massachusetts last month, compared to the previous year—despite the fact the total number of homeowners who lost their homes more than doubled. According to The Warren Group, lenders filed roughly 2,220 foreclosure petitions in June—an over 20% drop from June, 2009.