Bank of America Reveals Plans to Help Connecticut Mortgage Market
Bank of America (NYSE:BAC) announced that they are organizing two special events next week for the benefit of Connecticut customers affected by the current housing slump. The first event shall take place at the Holiday Inn at 1070 Main St., Bridgeport, CT, from January 19 to 21. The second is tentatively scheduled next weekend at Hartford, CT, but no details have been finalized as of yet.
Representatives say, these plans are timely considering the high percentage of mortgage customers in Connecticut who are experiencing problems making repayments. Fliers were distributed to a number of individuals who are either at least 60 days delinquent on their payments or currently part of a modification program.
This is not the first time Bank of America is organizing such an event, as other modification meetings had been held elsewhere in other parts of the United States. According to Bank of America, more than half of the individuals who took part in these meetings were eventually able to resolve their modification dilemmas. It was stressed, though, that those who got a decision on modification came to the events with complete requirements.
On the other hand, some Connecticut-based experts are skeptical about Bank of America’s moves to alleviate the after-effects of the mortgage crisis. Some have pointed out the need to do more than simply hold these events for the benefit of struggling customers, as unemployment rates continue to contribute to the high number of foreclosures and delayed payments.
Others criticized Bank of America for being significantly behind in terms of addressing mortgage-related issues, though have agreed that this is a long-overdue move towards progress.
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