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Homes going into foreclosure have risen, but it appears that banks and mortgage companies in Wake County are more flexible. They will try to work things out with you. They are not taking back many more homes than last year. If you end up in trouble, do not panic. Talk with your mortgage company. Things may work out for you.
Yes it is, but people need to know that all is not hopeless. The word needs to be spread better. Sometimes people don't seek out help because of pride. The banks don't want to own property. A buyer in trouble will be better served by speaking up and trying to work something out.
There are plenty of options to prevent foreclosure, but owners need to be proactive. Start budgeting and documenting things before you even get behind if you start feeling there is a problem. Then show the lender what the problem is and try to work out a plan to get it fixed.
If its an ARM adjusting, there are loan modifications or refinance programs to help with that. If its a job loss or medical emergency there are usually programs to help for a few months until you get back on your feet.
The biggest problem is when people hide from their issues (much like banks did at the start of this). You can't solve a problem unless you face it.
When I was looking for a house in Chaepl Hill from July-Aug, I couriously asked my realtor one time how many foreclosure houses in Chapel hill school district(price from $0-2M ) on MLS. His answer isne. And that only one was priced at $200k range and pending already. So I guess the foreclosure problem is not that siganificant here.
When I was looking for a house in Chaepl Hill from July-Aug, I couriously asked my realtor one time how many foreclosure houses in Chapel hill school district(price from $0-2M ) on MLS. His answer isne. And that only one was priced at $200k range and pending already. So I guess the foreclosure problem is not that siganificant here.
CH is the last place you'd find a foreclosure around here for obvious reasons
CH is the last place you'd find a foreclosure around here for obvious reasons
I did a quick search and found 51 properties in Chapel Hill heading into foreclosure. People of all income levels get in over their heads. Wealthy does not mean smart.
Maybe the area was just late to the big dance. A spike of home sales with no money down, variable interest payments were done in 2005 - 2006 time frame so one cannot tell the impact then they reset.
The good news is interest rate have not gone up much since then but some people have 3 - 5 year VAR's of 4.5% to 4.75% that will reset starting in 2009. So time will tell if there will be a foreclosure issue in our areas future.
Over priced homes and lack of credit sure makes one think we won't be the first to exit the big dance either...... Let's hear another Eddie 'Money' song shall we!
I did a quick search and found 51 properties in Chapel Hill heading into foreclosure. People of all income levels get in over their heads. Wealthy does not mean smart.
I agree that things aren't as rosy as saying there are no foreclosures in Chapel Hill, but Realty Trac is know to have skewed numbers.
First of all those are homes in default, not in foreclosure. The number that actually end up in foreclosure is usually a lot smaller. Second, the main problem I saw with them is they were double counting properties.
For instance they would count the property when it was 90 days late, then again when a notice of default was posted and yet again when a foreclosure notice was issued. So 1 home became 3 foreclosures.
They just track online and other databases and try to sell data to consumers and business people. They have improved their methods, but its like trusting Zillow on a home's value....
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ne. And that only one was priced at $200k range and pending already. So I guess the foreclosure problem is not that siganificant here.
