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Home Foreclosures in Charlotte Curbed by State Officials



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By : John Cutts    99 or more times read
Home foreclosures in Charlotte have been among the priorities of certain government officials in North Carolina over the past several months, according to various reports.

Among these is U.S. Senator Kay Hagan, whose first year in office was marked by stepped up activities in helping over 100 North Carolina families who were in danger of losing their houses. Hagan told interviewers that about 5 percent of those who sought help from her office have saved their homes from entering listings of North Carolina home foreclosures.

Hagan explained that her effort to prevent foreclosures may be small compared to her overall constituent services, but her effort has helped a lot of families and she is committed to continue helping foreclosure-troubled households.

Two other state agencies helping distressed homeowners are the North Carolina Banking Commission and the Office of the Attorney General. According to the commission, the state foreclosure prevention program has assisted 3,132 troubled families throughout North Carolina in the first 7 weeks of the year, a jump of 17 percent from the preceding weeks.

Of the more than 3,000 families helped, 360 families were in Mecklenburg County, where Charlotte is the county seat and where foreclosure activity has been the fiercest since the start of the downturn.

Additionally, over 8,000 families have met with certified housing counselors to obtain free advice. Over 1,000 of these were from Mecklenburg County.

In 2009, in response to the sharp rise in home foreclosures in Charlotte and in other parts of Georgia, the Attorney General has ordered 166 for-profit foreclosure prevention firms to stop their operations, an increase of more than 400 percent from the number of firms closed in 2008.

The office of the Attorney General, which has been continuing its effort to cut down foreclosure assistance fraud, advises distressed homeowners to seek free foreclosure relief assistance from fightncforeclosure.org and file a complaint immediately at ncdoj.gov when victimized by fraudulent programs.

Meanwhile, in coastal counties in North Carolina, lawyers representing over 300 people who lost their money in deals involving real estate property for sale have filed lawsuits against developers, appraisers and lenders to seek damages. They claim that the land flipping and fraud scandal involving the subdivisions has led to a record number of foreclosures and loss of investments.

Home foreclosures in Charlotte did not only result from toxic mortgages and unemployment; they also resulted from fraudulent activities such as inflated appraisals and multiple flipping.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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