Mar
12
Little Known Fact: Most people do not realize it, but Charlotte, NC is the second largest banking center in the United States.
Faced with the rising number of foreclosures across the United States, two of the largest banks in Charlotte, NC real estate market area, Bank of America and Wachovia, are adding staff to work the expected restructuring of thousands of homeowner’s loans. Here are some of the statistics:
- Bank of America foreclosed property portfolio increased over 500% in the last 15 months…Wachovia’s dollar value of foreclosed properties increased 295% during the same period.
- Banks across the nation are facing increasing pressure to help homeowners.
- The percentage of US mortgage loans in the foreclosure process is at its highest level ever recorded (reported by Mortgage Bankers Association)
- Banks have a business interest in assisting homeowners through this mortgage crisis.
Six banks, including Bank of America (but not Wachovia), joined the Treasury Department’s “Project Lifeline”…”The lenders will ocntact homeowners who are 90 or more days overdue on monthly payments. These borrowers will be given the option of pausing the foreclosure process for 30 days as the lenders work to make the loan more affordable. The program doesn’t guarantee a loan modification.” (Read Charlotte Observer Article)
If you find yourself facing foreclosure call:
- HOPE hot line: 888.995.HOPE
- Bank of America Customers: 800.846.2222
- Wachovia Customers: 800.642.0257
Respectfully,
Rufus Hutchinson
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