Foreclosure. The word makes most people's mouth go dry. After dealing with many different foreclosures and mortgages from Countrywide, the Bank of America is starting to regret it. As the status of the bank seemed to drop, some decisions were made. It was time to change dramatically. The Bank of America has announced that 28 foreclosure preventions centers will be opened in 22 different states between today and the month of July. The Bank operates only 12 of such centers currently and states that these centers have been used by over 17,000 mortgage holders. Things are getting a bit crowded in these places; perhaps a boost of both centers and servicers will keep the foreclosure rates down to a reasonable level.
The Bank says that specialists from the centers will be able to provide quick loan modification answers to just about one out of every three customers who contact them. The number of delayed customers will drop: more employees will be able to help the people more quickly. There is the hope that these specialists will get us further away from the trouble that the Bank of America got into in the first place.
These new centers will be placed in counties that have suffered the most from the mortgage deterioration. In addition to the opening of new foreclosure prevention centers in July the Bank of America will continue to open more of them later on in the year.
This huge change has some people asking: Why? Perhaps the thoughtful move on Bank of America's part is a reaction to the demands being made of them. There are regulators, as well as Fannie Mae/Freddie Mac, who have been bothering servicers to consider foreclosure a bit more seriously. With so many people being pushed from their homes, something must be done.
Just last month Fannie and Freddie started offering rewards to servicers who met a set of standards. Loan modifications needed to be taken care of by someone. These sought-after servicers needed to retrieve a formal review of each borrower, respond more swiftly to customers and speak more frequently with those who called in. It was a high bar to set, but standards can be met no matter how high the expectations.
With the change passing through the country many high-ranking bank systems have received orders: get the mortgage problems fixed up as quickly as possible. The deadline for the plans to fix the foreclosure rates from rising further is sometime in mid-June with only 60 days after that to put their plans into action. A new wave of change is coming: perhaps we'll finally see a difference in the world of foreclosing homes.
There are ways to avoid foreclosure. If you are searching for a way to avoid such a thing in Oregon, look for Bend Premier Real Estate. This local office will help you find affordable homes within your price range while offering outstanding advice. The office is located in downtown Bend on the corner of Bond and Franklin, and the doors are open to all. There is always someone who would love to hear about your wants and needs when dealing with property. Bend Premier Real Estate is a firm that specializes in the listing and selling of property all throughout Central Oregon in all price ranges. To learn more, visit us at bendpremierproperties.com or bendpremierrealestate.com. We are located at 550 NW Franklin Avenue. If you need to contact us, call our office at 541-323-2779 or Dan Cardot at 541-480-5291. If you'd prefer, send us an email to dancardot.bend@gmail.com. We would love to hear from you as you search for an affordable home or strive to avoid foreclosure.
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