Real Estate Agents Spread the Word on Avoiding Foreclosures

Realtors Spread the Word on Avoiding Foreclosures

A group of local real estate agents who want to stop to the growing number of foreclosures in Wake County took to the streets Wednesday to help educate people about their options when buying a home.

"We don't want to see people losing their homes. So, we're trying to get out and educate people and work with people so they don't have to," real estate agent Darlette McCormick said.

House foreclosures in Wake County have nearly doubled this year, according to the Association of Community Organizations for Reform Now. In 2006, mortgage companies filed 169 foreclosures; as of June 20 of this year, the number was 283 for the year.

"It's very high, especially in the southeast end of Raleigh," said real estate agent Brenda Allison, who along with McCormick, is involved in the campaign "Save the American Dream for Southeast Raleigh."

The group is going door-to-door throughout the summer and plans to hold seminars to educate prospective home buyers about problems that can lead to foreclosure.

Predatory lenders are one of the biggest contributors to foreclosures, the group says.

"Because there's some loan officers that's here today, gone tomorrow," Allison said. "There's a lot of them that aren't in there long enough to be educated of what program fits the homeowner."

A good example of that, McCormick said, is a loan officer recommending the prospective homeowner take out an interest-only loan, which doesn't work for everybody because it requires the borrower to maintain a good credit standing.

"So, when it's time to refinance, they actually have credit problems," McCormick said. "Their credit is actually worse than it was when they got in their home, and they're not able to refinance."

Homeowners here say they are glad to see real estate agents trying to help, especially when they see neighbors who have already lost their homes.



18 Comments


Golo

Welcome to GOLO, where WRAL.com visitors can comment on stories and create profile pages, blogs and photo galleries.

You must be a registered WRAL.com user to use these tools. Click here to register or log in.

View Comments View Comments

Ask Anything
  1. Amanda Lamb
    10 questions with Crime Reporter Amanda Lamb

    WRAL Crime Reporter Amanda Lamb answers your questions about crime scenes, murder cases and much more.

  2. Eleanor Goettee
    10 questions with Wake school board member

    Eleanor Goettee answers your questions about teacher pay, year-round schools ...

  3. Steve Cohen
    10 questions with Cary EMS Chief Steve Cohen

    Steve Cohen answers your questions about saving lives and what to do in emergency situations.

Multimedia
  1. Hanna Tracking
    Tracking Hanna

    Meteorologists have been tracking Hanna, which has been a tropical storm and a hurricane.

  2. Gustav: Path of destruction
    Gustav: The path of destruction

    View Hurricane Gustav's path of destruction.

  3. Gustav-Katrina Timeline
    Gustav-Katrina Comparison

    See a timeline comparing the two hurricanes.

  4. Drought Map
    N.C. Drought Maps Time Lapse Animation

    View a time lapse animation of drought conditions since April of 2007.

  5. Raleigh Convention Center Interactive
    Raleigh Convention Center Interactive

    The Grand Opening of the new Raleigh Convention Center is Sept. 5 and 6.