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Mortgage mess not at crisis level in Wake

Posted September 23, 2008

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— Foreclosure filings continue to pile up in the sluggish housing market, but the number of homes actually being seized and auctioned off has remained fairly steady.

One of every 416 homes nationwide is in some stage of foreclosure, according to RealtyTrac, a California-based foreclosure tracking firm. RealtyTrac data also shows foreclosure proceedings in North Carolina more than doubled in July over the same month last year.

"Any foreclosures are a problem, whether it's in North Carolina or nationally, but I think there's a discrepancy in the numbers of filings that have occurred and then the actual number of foreclosures that actually go into final foreclosure," said Jeremy Salemson, chief executive of Corporate Investors Mortgage Group in Raleigh.

Foreclosure filings in Wake County are up about 60 percent from last year, but the rate of properties actually taken over in the county is on pace for a 14 percent increase, according to epreforeclosures.com, a Raleigh-based foreclosure-tracking Web site for investors.

Last year, 1,400 deed-of-trust foreclosures occurred in Wake County, epreforeclosures.com reports. So far this year, 1,133 have taken place.

Mortgage industry officials credit the relatively strong economy in the Triangle and a housing market where many can still get good prices for homes. But they also noted there are now more places where homeowners can turn for help to save their homes.

"I think the old mindset was, 'I've missed a payment or two on my mortgage. I'm doomed to foreclosure. I have nowhere else to turn.' That's absolutely not the case at this point," Salemson said.

He cited the North Carolina Association of Mortgage Professionals Save 100 program, which can be reached through 1-877-NC HELP NOW. The North Carolina Office of the Commissioner of Banks also offers assistance on its Web site, and the Homeownership Preservation Foundation provides help at the federal level.

"There are options out there for you," Salemson said. "Pick up the phone, call these numbers, whether on the federal level or the state level, and I think you'll find there are some solutions for you that maybe you didn't know about before."

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  • lyjagrant Sep 24, 2008

    Well, the bank did not come around for us and the house went to auction. Ironically the bank is the one that placed the highest bid for the house and took posession of it. I had figured this would happen as I had heard Washington Mutual Bank was know to do this which of course cheats the second mortgage out of the picture totally. We planned how to move on as all was happening so that we would not be out in a tent. Moved in with family in TN and both got good jobs. Credit ruined, but starting on building a house on some property we have here. Building it ourselves, paycheck to paycheck and no bank involved. This can be done, I have seen it done by friends, takes a little longer, but NO MORTGAGE and no labor costs. Friends and family do come around when you need them.

  • CrewMax Sep 24, 2008

    lyjagrant - I hope things work out for you. Maybe the bank will
    come around to a solution that will serve you both. Best of luck.

  • lyjagrant Sep 24, 2008

    Everyone seems to want to blame the homeowner for buying something they could not afford. Well, it is not always the homeowners fault. I moved my family to Wake county on the offer of a great job with a local school. Had good credit, both had good paying jobs and qualified for the home we wanted. My job did pan out as expected, the other did not and therefore we began to struggle. At that point we refinanced and got a lower payment which helped for a little while. But with 3 kids and then gas goes up along with insurance, and all the other bills and one income short, things did not look good. She could have taken a lower paying job, but that would have been less than the outragous daycare costs per week. We tried to sell, no success and even in the end tried a short sale and had a cash buyer only to have the bank say we left out 1 paper that we had proof they recieved. They told us this on the morning of the public sale. A month after they got the papers. THE BANK DID NOT HELP.

  • veyor Sep 24, 2008

    It takes a long time for money or the lack of it to trickle through the economy. Without going into any detail, I can assure everybody on here that there is going to be an avalanche of small business bankruptcy filings in about two months, with companies failing that have been in business for 40 and 50 years. Very few will escape what is soon on the horizon. And asking Congress to fix this is like going to a cobler to get a tooth pulled. They don't have a clue.

  • bpjamesncsu Sep 24, 2008

    whatelseisnew...I agree with you, but the blame lies with homeowners who took out loans they knew they couldn't afford AND with banks who "bended" or outright broke qualification guidelines (and laws, in some cases) to qualify those people. Greed and arrogance all around.

  • whatelseisnew Sep 23, 2008

    I find it highly amusing that no one seems to blame the correct parties. The failure starts and ends with every individual that signed for a loan that they could not pay. Without that action, none of the rest of this debacle would have happened. The bailout. I agree, it should not happen. Let the chips fall. Perhaps then the millions of Americans that forgot about personal responsibility, ethics, honesty, morality, and so on just might relearn those lessons. Next they just might wake up and dump all the lifer politicians. That is the next group in line that helped create the mess. They are also the next group in line that is denying they are responsible.

  • TeresaBee Sep 23, 2008

    The sky is falling... The sky is falling.....

  • bs101fly Sep 23, 2008

    not bad, YET!
    wait until all the rich folk have their investments tank.
    it's ONLY a matter of weeks and maybe days, but wake isn't special.
    we'll get our turn too!

  • djofraleigh Sep 23, 2008

    That increase over last year is about 3 more per day, not so alarming in a county this size, and especially since building is slowing. Tie it to building and there will be a relation.

  • MarcoPolo Sep 23, 2008

    Bail Out = Bad Idea

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