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Outgoing NC Governor Put on Limelight with Talks on Foreclosures

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By : Leticia Carvalho    99 or more times read
When Governor-elect Beverly Perdue takes office in North Carolina, she will find the budget balanced, thanks to the efforts of outgoing Governor Mike Easley. After a year of receiving bad publicity, including overseas trips with his wife using taxpayers’ money, Governor Easley is trying to regain his reputation through his proactive actions in dealing with reduced budgets and the worsening issues on North Carolina foreclosures.

The number of foreclosed properties increased in North Carolina by 9 percent in 2007 amounting to 49,700 homes. This is further aggravated by the current recession hitting the country, which also raised the unemployment rate to the highest in six years. State court records are showing that North Carolina foreclosures last October has already exceeded last year’s figures, and since that month a total of 7,500 notices of foreclosures have already been filed.

North Carolina has always been lower than most states in terms of foreclosures and this can be attributed to the legislation against predatory lending which Easley, an attorney general at that time, helped established which restricted subprime loans and was benchmarked as a national model for lending laws.

This made Governor Easley the ideal candidate to talk about the mortgage foreclosures reduction program during an economic stimulus package attended by various governors as well as President-elect Barack Obama. He also discussed the same refinancing plan with other attorney generals from various states in the country.

The program has already helped thousands of troubled homeowners with subprime loans from losing their homes to foreclosures. Through this program, participants were able to restructure their loans to lower interest rates or through an extension of the loan term. The program also requires mortgage servicers to alert homeowners 45 days before a notice is filed on foreclosure.

At the same time, the banking commissioner should also be informed who can order an additional delay of 30 days to allow review of the loan terms for possible restructuring. The National Governors Association has announced that they plan to use Easley’s program as a national model.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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