With unemployment still at near record highs, the fear is that many looking for work won’t be able to keep up with their mortgage payments.
This is definitely an unfortunate situation, but it is by no means indicative of the situation we face here in the Fort Mill SC area. We’re very fortunate in that people are continuing to move to the Charlotte area and when they do, they’re quite frequently deciding to move across the border to Fort Mill.
I certainly expect this trend to continue, which means a strong Fort Mil SC real estate market.
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Filed under Foreclosed Houses, Market Trends, News Reports by
While foreclosures themselves can be nasty monsters to deal with by themselves, they’re unfortunately, not the only ugly animal that homeowners facing foreclosure have to deal with. Along with the hassles and frustrations of an impending foreclosure, homeowners also have to be wary of those preying on their weakened financial position.
Scammers absolutely love to prey on the weak so it’s no surprise to see that as the number of foreclosures rise, so too does the number of foreclosure scams.
According to Stella Hopkins of the Charlotte Observer,
“The N.C. Attorney General’s Office handled 448 foreclosure-scam complaints last year, a jaw-dropping jump from 82 the previous year. In 2007, there were just seven.”
The majority of these scams appear to be in the area of firms charging upfront fees for so-called ‘foreclosure prevention help, a practice which has been illegal in NC since 2005. Last year, the NC Attorney General handed out 166 cease and desist orders to firms charging these upfront fees.
Again, according to Ms. Hopkins:
“Working out a loan modification is time-consuming and frustrating. The main federal program is cumbersome. But there’s a lot of free help. See www.fightncforeclosure.org to find a free foreclosure prevention counselor in your area. The site has contacts for other resources, too.
And remember: If you’re facing foreclosure, we want to hear from you. We’re looking this year at whether the $75 billion federal foreclosure-prevention program is really helping people. E-mail me at shopkins@charlotteobserver.com or call direct, 704-358-5173.”
Filed under Carolina Business News, Foreclosed Houses, News Reports by
To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.
Here are a few directions you can take:
- Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
- Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
- Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.
When you’re trying to stop a foreclosure, the key is fast action.
Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.
Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!
Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.
Filed under Carolina Real Estate, Foreclosed Houses by
If you find yourself caught up in the real estate turmoil, are having trouble making payments on your home mortgage and are facing the possibility of losing your home, then you may be asking yourself, “which is better, foreclosure or short sale?”
Well, as you no doubt already know, neither is a great option and if there’s anything you can do to avoid then, do it. However, if you are facing the possibility of losing your home then it’s certainly a legitimate question. So which do you choose?
Here are a few things to consider when trying to make a decision between a short sale and foreclosure:
Some of the benefits of doing a short sale include:
- You are in control of the sale, not the bank.
- You may sleep better at night knowing who is buying your home.
- You will spare yourself the social stigma of the “F” word, foreclosure.
- Contrary to popular belief, you can be current on your payments and still effect a short sale.
- Your home sale will be handled like any other home sale.
How would either a Short Sale or a Foreclosure affect your credit?
While a short sale is not necessarily a derogatory mark on your credit because credit bureaus do not show the word “short sale” on your credit report, tt may say “pay as agreed” or “paid as less than agreed.” Some clients have reported drops in their crediting rating, anywhere from 50 points to 130 points.
In terms of the affects a foreclosure would have, a number of sources have reported that FICO scores usually drop anywhere from 200 to 400 points after a foreclosure, and a foreclosure will typically remain on your credit report as a public record for 10 years.
So while the ultimate decision is one you’ll need to consider carefully, in most cases a short sale is usually ‘the best of the worst’ and for most people is a much smarter decision than a foreclosure.
Filed under Foreclosed Houses, Real Estate Short Sale by


