Foreclosures On The Rise? What to do?
Posted June 14, 2008 3:54 p.m. EDT
Do you remember that crazy little thing called consumer confidence? And do you remember how we discussed how low that level of confidence is these days? Well it just got worse. The U.S. unemployment report last week had its largest one month jump since 1986. Ouch! We’re still significantly lower here in NC though – a testament to strong business infrastructure and higher education.
Foreclosures are on the rise nationally, and are up as well here in NC. What most people who are either in or about to enter foreclosure need to realize is that lenders do not want to be the owners of millions of homes. Open communication is critical during this time – i.e. Don’t stick your head in the sand thinking this problem will go away. Call your lender/servicer to discuss any financial roadblocks in your life and put in place a payment plan to help keep you in your home and maintain your strong credit rating.
The good news is that there is pending legislation here in NC which would require more disclosure among servicers to help borrowers before the foreclosure process even begins… stay tuned on this as I’ll be writing more once details become available.
Jeremy M. Salemson
Corporate Investors Mortgage Group, Inc.