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Foreclosure Homes for Sale Rising in North Carolina County

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By : John Cutts    99 or more times read
The predicted number of foreclosure homes for sale across North Carolina for the year 2009 is 46,600 units, based on projections made by the Center for Responsible Lending.

Now, based on the current pace of foreclosure filings, North Carolina may reach and even surpass the centerís foreclosure projections. The Administrative Office of the Courts said that about 33,350 foreclosure cases were filed in court in the first half of this year. In 2008, total foreclosure filings in North Carolina reached nearly 54,000, marking annual increases in foreclosures since 2005.

In Alamance County, approximately 503 foreclosure cases were filed in the same 6-month period. Hunt Johnson, clerk of court of the Alamance County Superior Court, said that most foreclosure filings go on to foreclosure sales. He added he is surprised at the relatively high number of foreclosures in the county. He said the court has held 554 foreclosure hearings since he took over as clerk of court.

Johnson explained that his responsibility was to determine if the foreclosure filings meet all foreclosure law requirements. He evaluates bank notices, deeds of trust and other documents. At the hearing, he decides whether the foreclosure sale will proceed.

In addition, Johnson also explained that most foreclosure filings go on to foreclosure sales if the defaulting homeowners do not show up during the hearing. He has observed that most foreclosure cases filed for underwater mortgages are no longer challenged by the homeowners.

Jeffrey Bunda, a lawyer for Charlotte-based law firm Shapiro and Ingle LLP, said lenders now are more willing to work defaulting loans with homeowners. He said he has acted as substitute trustee in foreclosure cases for many years. He added that banks have too many foreclosure properties so they want to take the risk of working out loan modifications.

In November last year, North Carolina established the State Home Foreclosure Prevention Project, which delayed foreclosure filings for cases determined by the Commissioners of Banks as workable under the federal foreclosure program. The project also required banks or mortgage servicers to notify the state before foreclosing on delinquent subprime loans.

Based on data from the office of the governor, over 1,000 foreclosures have been prevented under the program since June and more than 3,000 homeowners were helped through foreclosure prevention and financial management counseling. The project has been estimated by state officials as giving a positive impact valued at $86 million on the state economy.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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