North Carolina foreclosure filings continue to rapidly climb
Foreclosures filings in North Carolina continued to climb rapidly to a new annual high in 2009
Experts at the North Carolina Justice Center are calling for a stronger State and Federal response to the continued increase in foreclosures.
According to records maintained by the North Carolina Administrative Office of the Courts (AOC), foreclosures filings in North Carolina continued to climb rapidly to a new annual high in 2009 of 63,341, an increase of nearly ten thousand over the high in 2008 of 53,960.
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Sixty seven of the state’s 100 counties reported an increase in filings. The highest number reported was in Mecklenburg County with 12,774, up from 8,384 in 2008. Wake, Durham, and New Hanover counties saw increases while Guilford county decreased.
Experts suggest a number of responses to lower the number of foreclosures in the state such as increasing funding to Legal Service providers and Housing counselors that help people avoid foreclosure; and strengthening and expanding the State Home Foreclosure Prevention Program administered by the NC Commissioner of Banks, and the Home Protection Program administered by the NC Housing Finance Agency.
On the federal level, Justice Center experts contend that two national programs; the Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP) have been a colossal failure and need dramatic improvements. The HARP program is intended to help homeowners refinance home loans while the HAMP program is designed to help homeowners modify home loans.
McNulty says that the programs failure is due in part to the way they are designed but mainly because mortgage servicers are failing to comply with the requirements of the programs and are not working with homeowners to help them stop foreclosure.
Proposed rules promulgated by the NC Commissioner of Banks would prohibit a servicer from going forward with a foreclosure if a loss mitigation request is still being considered.
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Source: http://pulse.ncpolicywatch.org/2010/01/05/nc-foreclosure-filings-continue-record-climb-in-2009-stronger-state-and-federal-response-is-needed/
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