Bank of America Sends Out Mortgage Refinancing Letters - Leigh ...

There are a lot of short sales in Charlotte and across the country, but that might be changing.

It's exciting news for struggling homeowners with Bank of America mortgages: help may finally be on the way.

Bank of America recently sent out the first 5,000 of approximately 200,000 mortgage refinancing offers to its clients whose homes are currently worth less than the balance of the mortgage. If you fall into that category, be sure to keep an eye on your mailbox!

These mortgage refinancing offers can save qualifying homeowners a lot of money. It is reported that monthly mortgage rates could drop by an average of 30%, which would obviously alleviate a lot of the financial burden on underwater homeowners.

Bank of America is making these offers as part of the settlement that was reached back in February in response to the robo-signing debacle and general mishandling of foreclosure proceedings, which resulted in many homeowners being left out in the cold when their foreclosure either could have been delayed or avoided all together.

The settlement amount is $25 billion, of which Bank of America's share is the largest at $11.8 billion.

To qualify for Bank of America's mortgage refinancing offer, your mortgage must be owned by Bank of America and be more than what your home is currently worth. Additionally, you must have been behind on your mortgage payments by at least 60 days as of January 31st.

The 5,000 letters that have already been sent out should be reaching homes any day now. Those 5,000 offers total over $700 million dollars in mortgage forgiveness. If you have not received your letter from Bank of America yet, but feel that you should have, be sure to give them a call.

In Charlotte short sales dominate the market, as do foreclosures and other distressed properties. However, it is anticipated that initiatives such as this one from Bank of America and the other lenders affected by the settlement should likely curb Charlotte short sales in the near future. If you are interested in purchasing a Charlotte short sale or other property, get in touch with Leigh Brown, the best real estate agent in Charlotte, right away.

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