Bank of America Home Loans Opens Customer Outreach Center to Serve Financially Troubled Homeowners in the South Florida Area
Fort Lauderdale, FL – July 21, 2010 – (RealEstateRama) — Bank of America Home Loans has opened a new customer outreach center in Fort Lauderdale to serve customers in the South Florida area. Bank of America homeownership retention specialists will be meeting face to face with financially troubled mortgage customers who are having difficulty making their monthly payments. Dedicated associates are also available to help customers facing hardship with their auto loans, credit cards and personal loans.
“Homeowners are looking for an opportunity to meet face to face with Bank of America associates to discuss their financial hardship,” said Glenda Gabriel, Neighborhood Lending executive for Bank of America Home Loans. “This center provides onsite counseling and is a demonstration of our commitment to help customers during these challenging times.”
A mobile team of Bank of America Home Loans associates has been traveling around the state since January, meeting with customers seeking help with their mortgage payments. The team has been providing counsel regarding home retention options and helping customers begin the mortgage modification process. More than 1,900 financially struggling homeowners have met with team specialists.
Bank of America associates have also been active in participating in home preservation events in Florida, meeting with an additional 4,700 customers this year. Moving forward, associates from the Fort Lauderdale outreach center will be deployed to provide counseling to customers in other parts of the state. Since January of 2008, Bank of America has completed 71,000 permanent modifications for Florida customers.
Homeownership retention specialists at the outreach center will meet with homeowners by appointment only in order to maximize the value of each session. This will help assure that each borrower arrives prepared with required documentation, is met promptly and receives the full attention of a Bank of America associate.
To determine eligibility for the federal government’s Making Home Affordable program or other Bank of America modification or foreclosure avoidance program, customers will be asked to bring specific financial documents to their appointment:
· Two most recent pay stubs, or, if self-employed, quarterly or year-to-date profit/loss statement.
· Two most recent bank statements for all checking and savings accounts.
· Most recent utility bill showing the customer’s name and property address.
If applicable, customers will be asked to bring the following documentation:
· Other income (such as social security, disability, death benefits, pension, adoption assistance, public assistance or unemployment) along with a benefits statement or letter from the provider that states the amount, frequency and duration of the benefit.
· Income from alimony, child support or separation along with the divorce decree, separation agreement or other written agreement filed with the court (disclosure of child support, alimony or separation maintenance income is not required unless the customer chooses to have it considered).
· Rental income along with copies of the most recently filed signed federal tax return with all schedules, including the Schedule E (Supplemental Income and Loss) or a current lease agreement.
· Non-wage income (part-time employment, bonuses, tips and investment income), if more than twenty percent of total income, which requires copy of documentation describing the nature of the income.
· Homeowners/condominium association fees.
The phone number to make an appointment at the customer outreach center is 954.308.9592. Appointments are available from 10 a.m. to 7 p.m., weekdays and 10 a.m. to 2 p.m. on Saturdays. The center is not set up for walk-in consultations.
Through the first half of 2010, Bank of America has provided completed mortgage modifications, providing homeownership retention for about 160,000 homeowners who otherwise would have difficulty making their monthly payments due to economic conditions. This brings the bank’s total of modified home loans to 650,000 in the last 30 months.
Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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Reporters May Contact:
Jumana Bauwens or Rick Simon, Bank of America, 1.800.796.8448
pressroom (at) bankofamerica (dot) com
