CHARLOTTE, N.C.,None — Cindy Thompson has lived in her house in west Charlotte for 25 years, but she faced foreclosure after losing her job.
She hoped to avoid foreclosure when the city of Charlotte offered to buy her home in a short sale a year and a half ago.
"They had a check ready," she said.
In a short sale, the lender accepts less than they are owed.
Thompson owed Bank of America $130,000. The city's short sale offer was $110,000.
But she said the bank was supposed to tell the city or her agent whether it would accept the offer.
"Everyone contacted Bank of America to no avail. I mean, Bank of America would not respond. If they did, they said, ‘We'll get back with you,'" Thompson said. "It was one excuse after another."
So Action 9 sent Bank of America a letter.
A bank executive called Thompson and said they'd received the Action 9 letter and wanted to expedite her short sale.
"So at that point, I never seen things happen so fast," Thompson said.
The bank then approved the short sale, allowing Thompson to avoid foreclosure and protect her credit.
"There's no doubt in my mind that if Action 9 had not helped, I would still be on the roller coaster, still trying to negotiate with Bank of America, probably already foreclosed by now," she said.
The city has allowed Thompson another month to move out.