Posts Tagged ‘north carolina’

Forsyth County is witnessing as many as 50 foreclosures per week. The regional manager of Legal Aid, North Carolina, Hazel Mack-Hilliard comments that she has seen this rise in number of foreclosures during the last five years. The people have been sandwiched between rising mortgage rates and cost of living. It has a chain reaction on children and unspeakable suffering and tension for the entire family when one has to be uprooted from home and hearth.

Besides the financial debacle there are other forms of negative effects. Every 1% of foreclosure equates to 2% to 3% increase in crime – violent crime within a specified radius (0.8 miles) of that foreclosure zone. This came from the mouth of none other that the Forsyth District Attorney, Tom Keith. Keith is all for the local attorneys attending a training session being organized by Legal Aid and the Academy of Trial Lawyers. They need to updated about the sub-prime lending markets, its possible abuses and methods of negotiation when foreclosure threatens. That is the main objective – how the loans can be modified so that the people can continue to stay in the houses that are their homes. It is an undeniable fact that foreclosures are attacking all and sundry everywhere irrespective of income brackets.

A few years ago Terri Martin could not resist a chance to move into a house of one’s own. Today a granddaughter has been added to the family. But meanwhile the interest rate has gone up by 14%. As soon as she started to live in the house the mortgage kept rising. Then the original lenders sold the loan to another company. That did not stop the loan from rising. Finally when pushed to her limits she sought the help of Legal Aid and managed to modify her loan to a fixed rate mortgage. When no other help was available Legal Aid stood beside her. Attorney Celeste Harris opines that each attorney can help the foreclosure victims in a small way that will go a long way to alleviate the stress on the individual and the nation.

The foreclosure crisis is affecting all sections of the society – the borrowers, lenders as well as the community and the administration starting from the local to the federal. If the nation has to survive mere appeals to the lenders will not work miracles – what is required is strong legal action.

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The club is scheduled to be handed over to the highest bidder at an auction to be held on 26th December in Pitt County Courthouse. It will start at 2 pm as per an insertion in the classified section of a daily newspaper – The Daily Reflector.
The Brook Valley Country Club boasts of an eighteen-hole golf course and has presided over Michael Jordan Celebrity Golf Classic as well as NGA Hooters Tour Touchstone Energy Open. The current owner is Brook Valley Country Club of Greenville Inc. Bob Edwards is the president of the club board. He did not comment on the pending matter.

The highest bidder will take over about 152 acres short of the actual clubhouse, situated on Oxford Road. The house is specifically exempted from the foreclosure notice. Apart from the sprawling golf course the property also includes a swimming enclosure, tennis courts – all amounting to a heated area of about 22,000 square feet.

The total value of the property is over $3.9 million as per records with the break up being $1.44 million being land value and $1.4 million being value of building. $1 million is calculated to be value of extra features. In 1986 it was sold for $1.75 million.
The Brook Valley Country Club with its golf course made its debut in 1966. The East Carolina Bank is handling the foreclosure. It remained non-committal and excused them by saying that they are legal hurdles about discussing without seeking the permission of their clients.

The foreclosure auction notice said that a cash deposit not more than 5% of the amount of the bid or $750, whichever is greater would be required at the time of the sale. If an upset bid is filed within 10 days then the offer will be made to one who bids the highest.

With such a giant like Brook Valley Country Club facing the anvil at an auction the question that rises to the forefront is the reason for this turmoil on the socio-economic front in general right across the country. Experts and analysts are huddling together with explanations but no magic solution has been found as yet. The prime blame is being made on the sub-prime market, which made easy money within everyone’s reach. When interests rose, so did delinquencies, foreclosures and auctions. The government is trying remedial measures. One has to wait and watch.

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Raleigh is the Capital of North Carolina state and also county seat of “Wake County”. Raleigh is also familiar as the “City of Oaks” because of its numerous oak trees, A 2007 estimate puts the population at approximately 367,995, ranking it as second most populated city of North Carolina. Raleigh has the distinction of being one among few cities planned and developed specifically for the purpose of housing a state capital.

In spite of being spared the destruction caused by the Civil War, Raleigh did not grow much from the original size in 1792 till streetcar lines were introduced in the 1920s, and the “Research Triangle Park” was established in the 1950s, and a freeway came up in the 1960s. IBM proved to be an influencing force in Raleigh during the 1960s, and had a great influence on the city’s growth.

Raleigh enjoys a subtropical climate with generally moderate weather during the spring, and also in the falls and winters. However, the summers are found be hot accompanied high humidity, rainiest months being July through August.

Raleigh houses and supports industries that include electrical, electronic, telecommunications equipment, clothing apparel, medical, food processing, pharmaceuticals and paper products. Raleigh is also an established center for researching as well as textiles. The city boasts to being a prominent retail-shipping hub for the eastern part of North Carolina in addition to being a wholesale distribution point for varieties of food stores.

The figures in the foreclosure listings for Raleigh are; 855 pre-foreclosures, 4 auction properties, 306 bank owned, 35 free for sale by owner, 740 resale homes and 436 new homes. There are also 2 government owned properties on the list. A very minute observation or analysis of these figures will tell you that bank owned properties form a big chunk of the foreclosure listings. Many of these properties are on the list owing to Default Notices served on the owners. Such properties are in most cases good bargains as banks do not wait very long, to look for the best buyer at the best price, and hence pitch their offers at very competitive price tags.

In Raleigh foreclosure listings all available at prices one could never dream of a few years ago, when the housing boom was at its peak. Raleigh has a bright future and anybody who is willing to settle in the city never forget to check the foreclosure listings of the area because you never know you may land up with the best deals. For those willing to make it a place to work at and a domain to live in, this is the best opportunity to settle down always check http://www.foreclosurelistings.com.

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Mortgage defaulters who are facing foreclosures are waiting for help from Washington. The authorities however have taken a wait and watch stand to the fallout resulting in years of lending practice without being backed by sufficient credibility.

The market is showing signs of self-recovery and the overall economy seems to remain untouched. At this point overreaction is uncalled for. Also encouraging are the indices showing solid consumer spending and low unemployment rates. The stocks too have hit records buoyed by corporate profits.

The Chairman of Federal Reserve opines that while on the one hand the authorities are obligated to end fraudulent lending, they have to be cautious about suppressing responsible lending

On the other hand the advocates for the affected consumers point out that this has come has a rare chance for the law to strengthen its lending rules. To substantiate their argument they point to foreclosure statistics.

The National Association of Realtors expects sales of present houses to fall by 4.6%. The home price median is anticipated to drop by 1.3%. The foreclosure rate is rising at a double rate annually all over the country.

The President of the National Community Reinvestment Coalition, John Taylor, representing the interests low-income people and minority groups, is skeptical of the outcome if the government fails to intervene.

The Mortgage Bankers Association however predicts that foreclosures among risky borrowers will amount to 0.25% of the country’s mortgages.

Democrat Senator Dodd is spearheading a movement to assist affected homeowners, with the help of big lenders – big names in the financial world like HSBC Holdings, Citigroup etc. They suggested modification of loan terms before hiking interest rates. Analyst Adeson, citing Dodd’s endeavours, warns that the housing market will suffer more if over enthusiastic banks arrange for loan workouts. He commented that lending money is not about being nice but it is all about business. He has cited the instance of Hedge Funds to prove his point.

Lawmakers are trying to work out a balancing trick between relief to borrowers and reining in of bad lending practices. Nobody wants to choke to death the sub-prime market. Senator Miller, a North Carolina Democrat has long been fighting predatory lending. He is confident of passing quickly a Bill in the House modeled after consumer protection laws in states like North Carolina and New Jersey, where reforms has not led to end of credit.

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Hickory - 5 bedrooms, 2 bath, 2 floors, wood floors, separate 1st fl laundry, high ceilings, covered front porch, off street parking. $99,000 828-234-9932

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Bungalow - Completely remodeled, haedwood floors throughout, new kitchen, new roof, new paint. 1st floor laundry, large pantry

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Large, brick Cape Cod home situated on 2.13 private, park-like acres in the heart of Weddington. Home features formal living and dining rooms; large family room with fireplace; heated sunroom/screened porch; eat-in kitchen with island; master suite and one additional bedroom/full bath conveniently located on the main floor; oversized rec room. 2-car side load garage; fenced yard. Huge deck with hot tub runs the length of the back of the home and overlooks the wooded back yard. Top Weddington schools. Low Union County taxes. Close to shopping, schools. recreation, and primary local roads and prestigious Ballantyne area in south Charlotte.

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Move-in ready home on private, .421 acre cul-de-sac in the heart of the popular University area of north Charlotte. You’re just minutes from University of NC/Charlotte campus and within easy commuting distance of downtown Charlotte. Home features dramatic 2-story foyer with hardwoods extending into the powder room; formal living and dining rooms; large family room with fireplace; cook’s kitchen with center island, tile floors, upgrades appliances, planning desk; large master suite with sitting area, walk-in closet, and en-suite bath with garden tub, separate shower, double-sink vanity, tile floors, picture window. Laundry room is conveniently located on the second floor. Three nice sized bedrooms share a windowed hall bath with tile floors and double-sink vanity. Deck overlooks the large, flat, private back yard with storage shed. Finished 2-car garage with automatic door opener. Great curb appeal and shows like a model inside!

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