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Tuesday, December 18, 2012

North Carolina Mortgage Loan Distress – Foreclosures Up 38%

North Carolina Mortgage Loan Distress – Foreclosures Up 38%


As an attorney who represents borrowers in mortgage loan disputes, mortgage relief matters, foreclosures cases, and other similar matters, I obviously pay great attention to the trends in foreclosures. Unfortunately, mortgage loan distress for North Carolina homeowners continues to increase, with the amount of foreclosure cases initiated in 2012 up 38% as compared to 2011.  This, according to October US Foreclosure Market Report published by RealtyTrac. Unfortunately, the foreclosure initiations in North Carolina in October, 2012 were up almost 26% as compared to just one month earlier in September, 2012.


While it is difficult to accurately measure the number of foreclosures completed within a certain time frame, we do have approximate data as to changes in the amount of bank owned properties in North Carolina. These properties are often referred to as “REO” properties, which stand for “Real Estate Owned”. Again, according to RealtyTrac, the amount of bank owned properties increased by almost 29% compared to October 2012. When comparing October, 2012 and September, 2012 figures, we see that there was a 16% increase in REO properties in October as compared to September


Maps from RealtyTrac showing hotspots of foreclosure in North Carolina and in Mecklenburg County, NC are  contained below; click to enlarge the map.


[caption id="attachment_6660" align="alignnone" width="276"]NC Foreclosures (Oct. 2012) NC Foreclosures (Oct. 2012)[/caption]

 


[caption id="attachment_6662" align="alignnone" width="460"]Mecklenburg Cty. Foreclosures Oct.2012 Mecklenburg Cty. Foreclosures Oct.2012[/caption]

McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, and deed-in-lieu or other negotiated settlement resolutions.