Much of the recent foreclosure crisis news has centered on homeowners and investors and their fight to get compensation compensation from banks due to foreclosures. But in the coming months, mortgage servicers will be undergoing drastic changes that every interested homeowner should know about. Primarily, the changes will surround the addition of thousands of sub-servicers to what has become a busy foreclosure docket.
Wells Fargo, for example, has brought its loss mitigation team up from 6,000 to 16,000 members. The bank has also dedicated a mortgage specialist to manage each modification from beginning to end, a practice heralded in the mortgage service industry as award winning and the first of its kind. Wells Fargo's endeavors include the addition of 27 home preservation centers in the hardest-hit communities around the country.
Some companies have hired even more representatives. JP Morgan Chase hired 10,100 new employees to help mitigate its increased workload. The company also plans to have 82 "Chase Homeownership Centers" since the end of Summer 2011. Bank of America has expanded its homeowner assistance team from 3,900 in 2008 to a whopping 35,000 employees by the end of this year. Bank of America also opened 23 new customer assistance centers and promises to bring that number to 40 by the end of the summer.
Working with your servicer and attending any workshops they might offer is always a good idea when behind on mortgage payments. The fact that there are more servicers available to work with you might be a great help, but it may also accelerate the foreclosure process. If you are facing a Florida Foreclosure Lawsuit and are interest in exploring your foreclosure options, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today.
