South Florida Business Journal by Brian Bandell, Senior Reporter
Date: Wednesday, April 11, 2012, 12:55pm EDT
Brian BandellSenior Reporter – South Florida Business Journal
Bank of American has invited more than 19,000 homeowners in South Florida with late payments to the Miami Beach Convention Center to help them work out their mortgages.
The bank (NYSE: BAC) reserved 140 rooms for the event, taking place Thursday through Saturday. Jessica Garcia, a VP in national mortgage outreach for Bank of America , said it is bringing 50 customer specialists and 30 underwriters to work with homeowners. Most of them have loans that Bank of America is servicing for investors.
Bank of America has about 1 million mortgages under servicing in Florida, and about 22 percent of them are delinquent, she said.
Garcia said any customer who is 60 days or more late on their mortgage payment is encouraged to attend, but they should call ahead (855-201-7426) and have their financial records ready to present. That includes pay stubs, tax returns and bank statements.
Bank of America has many different ways to help homeowners, depending on their financial capabilities and what the investor in their loan will allow, Garcia said. The solutions could include a 90-day forbearance, adding missed payments to the end of the mortgage term or reducing the interest rate, she said. Generally, the goal is to make the mortgage payment no more than 31 percent of the borrower’s monthly income, she said.
“If we can do a loan modification and the customer wants to remain in the home, and they want to be with us a few hours, then we can do it right there,” Garcia said.
Bank of America also has sped up the process to approve short sales, Garcia said.
Florida Realtors issued a press release on Tuesday praising Bank of America’s decision to reduce its short sales approval process to 20 days.