If you're a local Bank of America borrower behind on your home mortgage, chances are you've received an invitation to come chat in Baltimore.
The company is holding a foreclosure-prevention event next Thursday through Saturday -- June 28 through June 30 -- at the Baltimore Hilton for customers whose loans it services.
It's one in a series of face-to-face events that Bank of America and other mortgage servicers have put on. In other cases, they've participated in events organized by groups or political leaders.
The appeal of in-person? Servicers have been deluged with complaints since the foreclosure crisis hit that borrowers trying to get loan modifications, arrange short sales or get other help by telephone were asked repeatedly for the same information and got nowhere. (Here's a small taste of that, as experienced by housing counselors.)
It's for that reason that the national mortgage settlement requires Bank of America and four other big servicers to offer a single point of contact to borrowers -- in the hopes that homeowners will get a resolution faster if they're not talking to a different person every time they call. The Maryland Consumer Rights Coalition has been chatting with servicers about that over the last few months to try to ensure the single point of contact process works. (UPDATE: Settlement requirement aside, Bank of America says it had already instituted a single point of contact process last year.)
But back to the Bank of America event next week: The company says it has invited more than 16,000 customers within 75 miles of Baltimore to the Hilton, 401 W. Pratt St.
Homeowners could walk out with a trial loan modification in hand, the company says. Borrowers who don't qualify can talk to a "home transition services" team about short sale and deed in lieu of foreclosure options.
The event will run from 8 a.m. to 8 p.m. each day. It's free, and participants can get vouchers to cover the cost of parking on site. To register (and find out what documents you need to bring), go to bankofamerica.com/homeownerevent or call 855-201-7426.
Have you been to a foreclosure-prevention event? Did it help?
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