Originally reported by the New York Times, Charlotte residents facing foreclosure may be in for a break. There are several million homeowners facing foreclosure across the country right now and the backlog of cases has opened the opportunity for many homeowners to stay in their home a little longer and in some cases win back their home.

Major banks like Bank of America and Wells Fargo acknowledged last fall that they had been processing foreclosures illegally by processing false court documents. With this admission came a pause in all foreclosure cases as they banks are currently in the process of re-writing their foreclosure process. This pause has given many Charlotte area homeowners just the break they have been hoping for. Foreclosures across the country are currently down 33% from last year and in some markets as much as 85%.

Many Charlotteans are using this time to fight the foreclosure process and in many cases they are either getting loan modifications, dismissals or selling their home for less than they own. Many banks are overwhelmed with the amount of foreclosures already on file and some banks aren't very quick to add more to their books. If you are one of the many Charlotteans facing foreclosure, take this time to try to work with your bank to come to an outcome that works best for you.