Bank of America Expands Foreclosure Help in Nevada

Bank of America has opened the first of three centers in Nevada to assist homeowners seeking mortgage modifications to avoid foreclosure.

With the acquisition of Countrywide in 2008, Bank of America now services about one in every three mortgage loans in Nevada, a state with communities plagued by the foreclosure crisis.

The first center opened in Henderson; the additional outreach offices will open in Las Vegas and Reno by the end of June.

The bank said it has already modified the mortgages of 15,000 Nevada homeowners since January 2008. Another 7,500 are in active trial modifications, the first step before approval for the full-term of the reduced payment program.

“We recognize that homeowners in Nevada have been faced with some of the most extreme economic conditions that require further special efforts on our part,” said Rebecca Mairone, National Servicing executive for Bank of America Home Loans.

Bank of America’s Chief Executive Officer Brian Moynihan met with Senate Majority Leader Harry of Nevada recently.

“Bank of America made a commitment to me and the people of Nevada that it would start doing more to help struggling homeowners in our state,” Reid said.  ”While this is one step of many in its commitment, it demonstrates that Bank of America is working in good faith to keep its promise and I appreciate that.”