As part of its nationwide effort to expand the amount of help offered to struggling homeowners, Bank of America has opened a center in Miami Florida that will provide homeowners in the area with information and access to various mortgage assistance and foreclosure prevention programs. Numerous centers currently exist in other parts of the country, and every month thousands of people stop by the various locations to speak to a counselor and learn about their options. All services and advice is offered at no cost to the client.
Bank of America, which is the nation's biggest bank by assets and number of customers, continues to wrestle with homeowners falling behind on their monthly home loan payments. Many of the mortgage losses were inherited from its 2008 Countrywide Financial Corp. purchase, and people who have a loan from BOA or Countrywide can receive access to the free counseling offered at the mortgage help centers. Many of the locations are being opened as a result of the the bank and other large servicers and the agreements that they signed with government federal regulators that are in effect requiring improvements to their current foreclosure and loan-modification processes.
It is always recommended that you call the center first to schedule an appointment due to the high demand, particularly in the Florida area, which has been hit hard by the housing crisis. Phone numbers for BOA are below. All programs and services are offered free of charge, and Miami-Dade homeowners with mortgages that originated from either Countrywide or Bank of America can get help. People with subprime and interest only mortgages are also eligible.
The mortgage help center allows homeowners the ability to meet one on one with trained housing counselors. It is much better to meet face to face, which can allow immediate results, then to call a phone number which can slow down or delay the process.
At the meeting with the counselor you will review the terms of your existing home loan and entire financial situation. Together you will explore and talk through any options that you may have. The mortgage counselor follow each customer file through the entire home loan modification process and they are empowered to make onsite decisions.
A loan modification will be the first option explored. If that is not possible for the homeowner, then you can get assistance with other foreclosure prevention solutions if that mortgage modification is not possible. For example, explore short sales, deed in lieus, principal reduction, and a host of other programs and foreclosure prevention solutions. Call 1800-720-3758 or learn about all of the mortgage assistance and foreclosure prevention programs offered to Miami Dade area families by Bank of America.
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