Mostly Foreclosures Logo
Foreclosure Listings Articles: Information and news about foreclosures
usa flag spanish flag

Archive for the ‘Charlotte’ Category

Rising Charlotte Foreclosures Activity

Wednesday, December 30th, 2009

Number of foreclosures is on the rise in Charlotte, due to growing unemployment in the metro area according to data garnered from Mecklenburg County in North Carolina.

In October this year following a 10-month period, Mecklenburg County’s foreclosure postings rose by 44% since last year. Experts point out that the foreclosure rates in Mecklenburg County have outpaced Greensboro and Raleigh areas because of Charlotte area’s high unemployment and poverty levels.

Charlotte Metro area’s foreclosure filings in the third quarter increased by 46% over the second quarter and compared to the same quarter last year, it increased by 34%.

In Charlotte area, a total of 4231 homes received foreclosure filings amounting to 0.6% of the total dwellings in the area. Getting a record of one out of every 167 units being hit by a foreclosure notice, the Charlotte area got a rank of 71 in a roll of 203 large metropolitan areas in US in terms of intensity of foreclosure activity.

Foreclosure activity rose in Charlotte area due to the following reasons: unemployment in the financial sector, high number of citizens below poverty level and high number of home owners who took loans that they don’t have the capacity to repay.

The city of Charlotte revolved around the financial sector, so when the mortgage industry and stock market collapsed, the unemployment rate soared. Also compared to other regions of North Carolina, Charlotte has a higher population of poor households. A large number of properties were sold to those who could not afford to pay back the mortgage.

Median Income was $56,100 in Mecklenburg County compared to $61,700 in Wake County. Unemployment rate was 11% compared to 8.3% in Wake County. Unemployment rate in Charlotte city touched 12% in October.

Meanwhile the government came out with measures to reduce the number of foreclosed homes in Charlotte. According to the North Carolina Office of the Commissioner of Banks, the lender must put a stop to the foreclosure process as soon as home owners declare distress and ask for modification of loans.

The lenders are required to respond at the earliest to home owners who declare to be in distress and modify their loans at the earliest. The new regulations are targeted at brokers, banks and lenders.

Great opportunities lie ahead to buy Charlotte Foreclosures. Go through latest Charlotte foreclosure news and get the latest information before taking a buying decision.

Charlotte Foreclosures: You still have a chance to save your house

Friday, May 15th, 2009

When people buy new homes, they are happy and full of joy. However, the last thing that comes in their mind is the fear of losing the home and getting their property listed in Charlotte Foreclosures.

Reasons for foreclosure

There are people, who get into home mortgages with the intentions to do a fraud. However, apart from them, 95% of people will have one or the other reasons for why their properties get listed under Charlotte foreclosure. Some of the most common reasons, which 99% of people face, are:

  • Loss of job or unexpected unemployment
  • Medical emergency of self or family member not covered by insurance
  • Death of a family member
  • Loss of secondary income or divorce
  • Increase in other debts
  • Demotion at work place or not getting the expected salary hike
  • If the interest rate increase and the mortgagee is unable to afford monthly payment as a result
  • Major home maintenance expenses which are unexpected in nature

How to avoid foreclosure:

To save your house getting into the list of Charlotte real estate, there are a lot of ways and you can try to choose that can be best applicable on you. The first thing that needs to be done is to stop the notice of default. Even the lender does not want it, but in order to save their interest legally, they have to do that. Call the lender to inform them about the difficulties and your intentions. You don’t have to feel embarrassed; it’s just a situation you are stuck in. Your lender might offer you one of the
following options:

  • Time to make payment: Your lender may give you some more time to make a payment before they do any kind of legal proceedings to foreclose; the technical term used for this is forbearance.
  • Spread the missed payments: Your lender can split the missed payments over a period of time, which will make your payments, go high but will help to retain your property by putting you on a repayment plan.
  • Change the term of the loan: They can increase the term of the loan .i.e. put the payments at the back of the loan, called loan modification, which will save your property to be a part of the Charlotte foreclosures listing.

Invest in foreclosures

Browsing foreclosures

You are currently browsing the archives for the Charlotte category.

Archives

Feed Subscription

Enter your email address to subscribe:

Delivered by FeedBurner

Subscribe to rss feed!