Home foreclosures at an all-time high in New Hanover County

There is something called due dilligence......use it next time!

I took one of these ARM loans as a first time homebuyer. I was making $50,000 a year from my new job, but Id only been out of school for less than 2 years, no track record. All I wanted was a house and ownership, tax credits and appreciation. My mortgage broker told me I could qualify for a Fannie Mae program, then I had a closing date, the mortgage company failed to close due to a delay in getting them all the paperwork (broker's fault not mine) The homeowner was displaced, I was living out of my car because I had moved and packed everything up because I was told the loan was approved, so basically for the time being everyone was screwed. The closing was rescheduled the next month. I had to renegotiate my contract with the seller because I didn't close. I was getting panicky. Just prior to the second closing date I was called by my broker who tells me I can get this 100% loan, no problems, just a little cost upfront (over 2k in more money for him) and we would be guaranteed no problem closing. 100% loan, I was looking at new paint, landscaping, new appliances, I was sold! At closing the attorney tells me my rate will go up with my adjustable rate. OK sure not a problem, my broker said could refinance after a couple of years before the rate jumps. Even faxed over an amortization table to show me. Two years later, just before my rate jumps from 7% to 10% I look to refinance ... can't do it, there is a penalty clause and guess what, a different amortization table in the closing document. Three years later my rate is now over 12%, my mortgage on a $160,000 loan is over $2,000 a month. I am refinancing next month when my penalty clause expires. My credit is perfect. Always has been. But had I lost my job for some reason, health or being laid off due to downturn in the economy I would be screwed. Just like a lot of other people pigs like Wilman are taking advantage of. (ever think of how low the houses would go if you didn't buy them up?) Oh I almost forgot. My mortgage broker? Well, his business of course has tanked but he made such a killing he is now buying up the houses gone under and doing a rent to own with outrageous terms. He actually asked a mutual friend if I was hurting enough to want to sell. His dad has set up a "help" program that pretends to help people but actually finds leads of people going under. I will end up having to put some money into the mortgage. My house deprecated. I still owe what I borrowed basically. It sucks. I am driving the same car I got after high school graduation. I wear a suit to work every day but I get around in a 1997 Honda Civic with no air conditioning. But I pay my loan shark Mortgage company based in China every month on time. I should say they called 6 months ago and for $6,000 in closing costs they would give me a 30 year fixed for only 9% interest. You know what I told them don't you? I swear imagine the worst words you could possibly come up with and that's the stuff that flew out of my mouth. So not all of us stuck in this mess is our own doing. We had some help! And those "helpers" continue to keep helping people. Yes sir, skipper de-do-do!

People get so attached to their homes, but when money is tight or you can barely make ends meet, then it is time to step in reality and accept that you have to make sacrifices. If you have to sell your home, so be it. At least you sold it and maybe even made a little money out of the deal, rather then lose it all in a foreclosure and have horrible credit. It is the responsibility of the owner to realize that they need to get out. You get a few months notices from the bank before they foreclose, so it is not like they were blind sided on it. If someone else buys the foreclosure home cheap and resells it for a profit, then great for them. They are trying to stay ahead in the finical game of life.

I just bought one for less than tax value in Ogden. Moved from Carolina Beach it was too expensive to continue to live there. People bought what they couldn't afford, tried to rent, got jipped, left with no rent to cover the mortgage, the owners lived out of town, unable to afford to keep it & lost it. Be careful & understand that not everyone pays their rent & they usually leave behind a mess & repairs. Just remember folks most of this wouldn't happen if we would live within our budget & if you decide to invest be prepared for the worst & hope for the best. But we definitely need more affordable housing because the average annual income in this county is less than $27k. The developers, investors, speculators & realtors all have placed most homes out of the average persons reach.

I will be making a killing of these homes..... I can buy them somewhat cheap, fix them up, and sell them for at least double what I bought them for.