Some counties in North Carolina are facing foreclosure backlogs, with thousands of cases waiting for schedules. These cases range from single family properties to commercial buildings to land foreclosures. People not showing up and banks not responding in time are just some of the factors blamed for the backlogs.
High rates of foreclosure have hit most areas of the state, including Durham foreclosure homes. However, declining home prices are not the only negative impact these foreclosures have had on the city. Additional paperwork and clogged court schedules are also part of the problem.
As North Carolina foreclosures escalate, court cases also increase. One prime example where this is happening is in Mecklenburg County. According to county court officials, on a regular day, the court can have around 30 foreclosure cases scheduled for two-hour hearings. Sometimes, out of these 30, almost half will not be addressed because people do not show up.
The courts are always filled with people involved in the housing market, from homeowners to realtors to people who buy foreclosure properties for sale. Some market observers blame banks for the foreclosure backlogs, claiming that some of them do not get back quickly to borrowers to settle things.
Aside from the mountain of paperwork, issuing summons also take a lot of effort and resources, with court deputies averaging more than a thousand summons for single family properties, multi family dwellings or commercial property owners within a single month. Another factor that aggravates the backlog is the increased tendency of the people involved to not show up during the preliminary hearing.
Court officials have stated that it seems that more and more property owners are giving up and do not bother with going to court anymore, preferring to just allow courts to order a foreclosure on their properties. On a given day, 18 homeowners out of 30 cases can fail to make an appearance, leaving the fate of their properties on the hands of the court and the bank that filed the lawsuit.
Local court officials believe that the foreclosure backlog involving single family properties, multi family homes and other types of foreclosed structures will continue for the rest of 2010 or until the housing market hits its bottom and start its slow upward climb.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
Notice: In accordance with FTC guidelines, we state that RealEstateProArticles.com has financial relationships with some companies and may be compensated if consumers choose to buy, subscribe or take any action to a product or service via the links on our website. Occasionally, we receive free access to review a product or service. We do not accept compensation in exchange for a positive review. These reviews are strictly the opinions of the author.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites