North Carolina Offers Assistance to Foreclosure Counselors
As the country braces for yet another year of projected highs in state and national foreclosure rates, many state authorities have undertaken steps to discover ways to combat the crisis, save homeowners from losing their homes, and fight the housing crisis that has now had a drastic effect on the national economy. North Carolina it seems is at the forefront of this endeavor, as they announced Monday that two state agencies will be donating $300,000 to counselors working to inform families and homeowners of their options when facing foreclosure so that it might be avoided.
The North Carolina state attorney’s office and the Commissioner of Banks announced that they would be handing over the money to several non-profit businesses working for the cause of homeowners facing foreclosure. This news also came on the heels of the announcement of a state funded hotline for those in danger of foreclosure to call so that they might get information and assistance on whereto go for help.
The Hope Hotline, reachable at 1-800-995-4673, is open 24 hours a day, and can provide homeowners information on how to talk to their lenders and offer advice on solutions for paying down their default debt, selling their property to avoid a foreclosure, or finding other solutions that can save them from experiencing a foreclosure that will ruin their credit, as well as their chances of home ownership in the future.
This program benefits not only homeowners, but also the state economy. Foreclosures have a big effect on the property value of surrounding pieces of real estate, and saving one home can lead to saving many more in the area as a result.
While not as badly off as some other regions of the country, North Carolina has definitely felt the effects of the slumping housing market and rising trend in foreclosures in recent years, despite the steady growth of its cities in terms of both residents and businesses. In 2007, the state experience an almost 10% rise in the number of foreclosures coming onto the market. The Commissioner of Banks is currently predicting that 2008 could see the foreclosure rate rise as much as 20% due to adjustable rate mortgages going into their adjustment period and putting homeowners with low incomes in jeopardy of not being able to keep up with rising monthly payments.
Foreclosure listings are currently in great abundance in the state, and investors have been paying attention to them, especially given North Carolina’s potential to rebound. As a growing state with an economy that has experienced a rejuvenation in the past decade, it is sure to be a desirable location for years to come.
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