Foreclosure

Charlotte-area foreclosure activity dropped 46 percent in September from a year ago, for a decline larger than the national rate, a report released Thursday shows.

According to Irvine, Calif.-based RealtyTrac, default notices, auctions and bank repossessions were reported on 708 properties in the metropolitan area, a 28 percent decrease from August. Nationally, foreclosure filings were reported on 131,232 properties, down 27 percent from a year ago but up 2 percent from August.

BofA Gets Praise From Housing Counselors

Oct 15, 2012
Julie Rose

When Bank of America announces quarterly earnings this week, foreclosures and defaulting loans will once again be a key part of the equation.

The Charlotte bank has spent four years wading through a sea of troubled mortgages it took on with the 2008 acquisition of Countrywide. Along the way it's become a favorite target of vitriol - often landing on lists of "most hated institutions" in America. 

But recently, WFAE's Julie Rose discovered some of the people on the front lines of the foreclosure crisis are softening toward Bank of America. 

Getting a mortgage modified should be significantly easier as of today - assuming five of the nation's largest lenders deliver on promises they made in a $25 billion settlement signed six months ago.

Today is the deadline for Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and Ally Financial to implement hundreds of improvements to customer service for home loans.

Charlotte Companies Sued For Foreclosure Fraud

Sep 26, 2012

The North Carolina Attorney General’s office filed a lawsuit against three mortgage loan modification companies on Friday. Two of the three companies are based in Charlotte.

According to the lawsuit, one of the companies, Community Mortgage Assistance Program, charged customers up to $1,500 in advance. 

Koy Chiu is executive director of the company. On her website, Chiu advertises: “TIRED OF MODIFICATION SCAMS?! KNOWLEDGE IS POWER! SAVE YOUR HOME TODAY!”.