Bank of America Event Details:
Milwaukee, WI – Homeowner Assistance Event
Date: Tuesday, April 23 – Wednesday, April 24
Time: 8 a.m. to 8 p.m. each day
Where: Delta Center, 400 W. Wisconsin Ave., Milwaukee, WI 53203
Parking: Complimentary parking will be available
The Milwaukee area foreclosure rate has significantly improved over the past two years. Bank of America is committed to providing assistance to every customer dealing with financial difficultly, to find them a solution, to help them avoid foreclosure and help this progress continue.
Bank of America is deepening its commitment to its customers by reaching out to more than 3,000 customers in Milwaukee and surrounding areas to help them avoid foreclosure.
These customers have been invited to attend a Bank hosted homeowner assistance event in their area from Tuesday, April 23 through Wednesday, April 24. Customers will receive face-to-face assistance from Bank of America specialists who will review their financial situation to identify alternatives to foreclosure. The bank has also partnered with local non-profits, to provide customers with additional financial counseling.
A National Mortgage Outreach executive can discuss the options available to homeowners today and provide information surrounding the Bank’s mortgage outreach efforts. Since January 2009, Bank of America has participated in more than 1,200 outreach events in 45 states and Washington, D.C., meeting with more than 167,000 customers. That includes 14 partner events in Wisconsin providing assistance to more than 438 homeowners.
These events are for Bank of America customers only. Customers can register for all upcoming events and find a list of documents required by going online to www.bankofamerica.com/homeownerevent or calling 1.855.201.7426 (toll-free). Appointments are available from 8:00 a.m. until 8:00 p.m. daily. Se habla español.
Burson-Marsteller for Bank of America
C: (513) 288-5276
HOPE NOW has released its January 2013 loan modification data. An estimated 78,397 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). The January total of 78,397 loan modifications brings the total number of permanent loan modifications since 2007 to 6.15 million.
According to HOPE NOW, since 2007:
- 5,002,409 homeowners have received proprietary loan modifications.
- 1,151,340 homeowners have received HAMP modifications (Note: HAMP reporting began in 2009).
For the month of January:
- 63,539 homeowners received proprietary loan modifications.
- 14,858 homeowners received HAMP modifications.
Loan modifications completed via proprietary programs once again showed characteristics of sustainability and affordability for homeowners.
For the month of January:
- Proprietary loan modifications that included fixed interest rates of five years or more accounted for 88 percent (55,698) of the total.
- Proprietary loan modifications with reduced principal and interest monthly payments accounted for 85 percent (54,113) of the total.
- Proprietary loan modifications with reduced principal and interest payments of more than 10% accounted for 76 percent (48,595) of the total.
Short sales for January were 29,244, for a total of approximately 1,182,283 since December 2009. The combination of loan modifications and short sales has brought the total number of permanent, non-foreclosure solutions to approximately 7.33 million.
In the month of January 2013, there were 60,412 foreclosure sales completed, compared to 78,734 completed in January 2012. Also in the month of January, there were 140,482 foreclosure starts reported, compared to 200,447 reported in 2012.
Delinquencies of 60 days or more were at 2.53 million, compared to 2.77 million in January of 2012—a decline of almost nine percent. Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the fourth quarter of 2012.
Wednesday, April 3rd at 10:00am (location TBD) is the next Roundtable meeting for Take Root Milwaukee members. It will feature State of Wisconsin Assistant Attorney General Holly Pomraning, who will provide an update on the national foreclosure settlement, its use in Wisconsin, and other related updates.