Bank of America Hosts Home Loan Workshop | Real Estate
JACKSONVILLE, Fla. -- More than 5,000 homeowners on the First Coast, behind more than 60 days on their loans, have been invited by Bank of America to explore options at a free mortgage outreach.
Bank of America says 400 homeowners registered to take part in the workshop being held at the Omni Hotel Downtown.
"Our average loan workshop success rate is 30%," said Bank of American spokesperson Jessica Garcia.
Garcia says the rate would be higher for loan modifications except in many cases homeowners are missing some needed documentation.
William from Jacksonville Beach attended the workshop and said that was the case with him.
"That was kind of frustrating because I could have printed it out," said William who preferred we not use his last name.
Bank of America offers loan modification deals that involve lowering the interest rate and extending the length of the mortgage.
A $200,000 mortgage at 5% has a monthly payment of $1.073 before taxes and insurance. The same loan extended to 40 years at 2% has a monthly payment of $605.
The Bank of America workshop continues through Saturday from 8 a.m. to 8 p.m. The free mortgage outreach only applies to homeowners who have loans with Bank of America.