In 2010, foreclosure filings in North Carolina were record breaking. The North Carolina Justice Center has released a county-by-county look at foreclosure filings dating back to 2000 and updated through Dec. 31, 2010. An analysis of these filings shows that approximately 1 in 63 housing units in the state began the foreclosure process last year.
“Now is the time for our leaders to support vital public investments that create jobs and help people stay in their homes,” said Bill Rowe, director of advocacy for the NC Justice Center. “We need to make critical investments in North Carolina’s future prosperity, like preserving essential programs that help homeowners avoid foreclosure.” (1)
At this point, the nationwide problem has surpassed sub prime loans. Now the big issue is the many borrowers who have lost their jobs, have mounting medical bills, or can’t replace lost income. More and more consumers are looking for ways to save their homes from foreclosure. Because of this self-reinforcing downward spiral, it is projected that a new wave of foreclosures will sweep the state (as well as the nation) because of the number of homeowners facing some sort of financial crisis.
According to Neill Fendly, President of the North Carolina Association of Mortgage Professionals, “while the present surge of foreclosure hits a record, there will be another big surge behind it.” Fendly believes that many struggling homeowners may not be able to handle the additional stress of upward revision of many adjustable rate mortgages. (2)
Rick Sharga of RealtyTrac, a reputable website that collects and aggregates foreclosure data, expects that foreclosures nationwide will peak in 2011, climbing by about 20 percent. Considering last year’s numbers, this is a pretty grim prediction. (3)
Looking at the big picture, things could be a lot worse. Comparatively speaking, when you look at states like Nevada, where 1 in 11 homes is in some stage of foreclosure, and the nation at large, where 1 in 45 homes went into foreclosure last year, North Carolina seems to be rallying to stay afloat. That’s likely attributed to the proactive foreclosure rescue measures being taken
in North Carolina. (1)
If you’re having trouble paying your mortgage or you’ve already missed payments, an NC foreclosure attorney can help you sort out your options. You may be able to stop foreclosure on your home altogether if you qualify for a loan modification. We also negotiate with banks and foreclosure attorneys to help our clients remain in their homes. For more information about foreclosure rescue and foreclosure defense, contact Soboleski Law by filling out our Online Foreclosure Defense Form.
Sources:
1. http://www.ncjustice.org/?q=node/670
2. http://www.mostlyforeclosures.com/blog/north-carolina-foreclosures-to-top-figures.html
3. http://www.homebuyinginstitute.com/news/housing-market-predictions-088/
