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

Foreclosures are at an all-time high in southeastern North Carolina. in New Hanover County there's been a 100% increase in foreclosed homes since last year. The affordable housing coalition held a foreclosure prevention seminar at the New Hanover County library. Residents learned financial strategies and were pointed towards local organizations that can help them buy affordable homes. If you would like more information or need help. Wilmington A.M.E. Zion Housing Development Corp. Toronya Ezell Housing Counselor 910-815-3826

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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!
Ok...so it's my fault I have enough sense and know how to buy forclosure homes and make some money of it. I'm not the one making people buy houses that they can't afford. As far as your loan goes, you should have shopped around some. I was only three years out of school and a first time home buyer and was able to buy my house on a fixed 5.5% 30year note. In a couple of years I might refinance if I can get it around a 6-6.5% rate. I also still drive the same vehicle I bought right out of college. I don't see the need to buy a new vehicle every couple of years (I worked full time the the last 3 years of college which I paid for myself).
Thanks for taking the time to give us your story. I've maintained all along that the mortgage crisis wasn't just irresponsible people. I can site several different cases that I know of that reek of abuse by both sides, homeowners and mortgage brokers. There are several who frequent this board that will never accept this, no matter what. It's funny that these same people appear to try to teach those "below" them that the business world is honest and fair. One such person vehemently stuck up for Ron Hewett before he was indited, then he got awful quiet about 'Ol Ronnie. I hope you will be able to get a fixed rate mortgage shortly and then be able to invest for your future. This will help all of us as a whole. Wouldn't it be nice if we all could get back to supporting one another instead of supporting our agenda, politics or self serving dogma.
You made a major financial decision while you were under stress and "panicky," ran into high pressure mortgage brokers, and then signed about thirty pages of documents THAT YOU FAILED TO READ. That about sums it up, huh?
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.
It's just not happening here in this *county*, as far as Foreclosers go.. Expect LOT'S MORE Florclosers to come in the coming Months, as more Loans *reset* at Higher Intrest Rates/Payments. This is a FACT that this is happening all over the COUNTRY.. Liar Loans, Over Appraisls, SPECULATION, that Real Estate Mortgage/Brokers/Banks with the repeleing of the Glass~Segall Act, (thanks Alan GreenSpan et al), allowing Banks/Brokers/Flippers come up with these newly created *LOANS*, that were bundled into *Investment PAPER*, sold too other Investors.. This was a BUBBLE that is now popping.... Think it's bad here? look at CA, or Cleveland,Ohio? People that though Real Estate can only go UPWARDS is just sheer Luncey.. Now the Chickins are coming Home too Roost,, just look at Country Wide for a clear example... For those with these "Sub-Prime" Loans, or Neg. Amore Loans, and those with *HELOCS*, I'd be looking too see whom actully holds the "note", as I'll bet that you'll find out it's been bundled into somke kind of creative Investment Paper, and sold too a Investment Fund or something really creative, and sold too a Certain German Bank overseas... I'm also betting quite a few "Home Owners" here in New Hanover/Brunswick/Pender Co.'s are now *UNDERWATER* on thier Homes... We'll likly see the GD Part Duex before long...
Great, happy you can rich off of someone else's heartbreak. Sheesh.
...and he shared one fact the news doesn't seem to want you to know: 60% of the national defaults are by house flippers who got burned when property values declined, and they couldn't move it before the short term ARMs ticked up or the balloon payments came due. That means that less than half are actually people being displaced from their homes. Minimal heartbreak, maximum over-extending yourself. It's a buyer's market, and with careful planning and common sense financial planning, anyone can make a bundle right now. You just have to realize that the three-month turnaround with $90k profit is gone.
I have NO sympathy for these individuals that got in trouble with their mortgages. They got these high interest loans with FULL DISCLOSURE they would need to refinance to a locked in rate once their credit was fixed. THATS ON THEM and the fact that the government is bailing them out ticks me off...because I/WE have to pay for it in the end. As far as your comment to the guy above...he is actually HELPING the economy by purchasing this house that no payments were being made on to cause it to foreclose in the first place....
Hey G2k.... That your take on life? Look at is as a silver lining here. People don't think and sometimes pay dearly for their foolish mistakes. Now this loss for one is a gain for another and that in the end keeps things turning.... sheesh...
I would like to buy some and then use them as rental property.