Bank of America recently announced that it would more than triple the number of mortgage counseling centers it operates around the country in an effort to help financially troubled borrowers, according to a report from the New York Times. Currently, the lender runs 12 such centers, and that number will increase to 40—with most new locations opening in places hardest hit by the mortgage meltdown—by early summer. These centers are designed for consumers to meet with counselors so that both sides can better understand the situation.
“There are some people that prefer a face-to-face experience,” Rebecca Mairone, national mortgage outreach executive for Bank of America, told the newspaper. “They prefer telling their story face to face or need additional information about documents or other counseling. We’re committed to helping distressed customers.”
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Some of the counselors will also be fluent in foreign languages—such as Spanish, Korean, Vietnamese and Russian—in an effort to help customers who do not speak English, the report said. Most of the counselors will be transferred from other parts of the bank’s mortgage arm.
Millions of consumers across the country are behind on their mortgage payments, if not already in foreclosure.