Unemployment factor in North Carolina foreclosures
Unemployment factor in North Carolina foreclosures
Grace Morgan has faced foreclosure not once, but twice, and she’s scared it could happen again.
The Salisbury resident and her husband have been out of work for some time and they simply weren’t able to pay their mortgage.
“It’s scary. It’s really scary,” she said.
North Carolina foreclosures more than doubled in 2009 from a year ago
In North Carolina, foreclosures more than doubled in 2009 compared to the year before. In Rowan County, foreclosures were up about 3 percent in 2009 compared to 2008.
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In 2009, Rowan County reported 814 foreclosures among residential and commercial properties. In 2008, 791 foreclosures were reported. Just a decade ago, in Rowan County had 248 foreclosures for the year, or less than a third of last year’s figure.
Morgan has been out of work since last January. She worked at Carter Furniture, and before that at Salisbury Manufacturing.
Carter was bought out and moved its operations; layoffs struck Salisbury Manufacturing.
“We weren’t able to keep up. We were on the verge of filing,” she said.
Two family members stepped in to help the Morgans by loaning them money.
The second time Morgan faced foreclosure, she received help from the Rowan County United Way after she contacted Salisbury Community Development Corp.
“The United Way came to the Carter plant,” Morgan said.
Morgan was able to make one mortgage payment on her own and through the United Way, was able to make another.
“It could happen again. We are just taking it day-by-day. I don’t know what we would do,” she said.
Morgan regularly searches for a job, but she has some health problems she said.
“I know what people are going through. I didn’t think it would happen to me,” Morgan said.
She said years ago, she didn’t have any money problems.
“I had plenty of money in the bank,” Morgan said.
Two-thirds of the state’s counties saw an increase in filings. Many of the largest increases came around Charlotte, which has seen many in the banking sector lose jobs, said deputy state banking commissioner Mark Pearce.
National data shows that North Carolina’s foreclosure rate remains low compared to the national average.
Salisbury Community Development Corp. can assist homeowners facing foreclosure
There is help, says Lou Adkins, a community development coordinator for the Salisbury Community Development Corp., a nonprofit organization that helps first-time homebuyers. Housing counselors are available there from state and national foreclosure programs. They can assist people with problems with their mortgages.
Adkins believes there are a lot more foreclosures on rental and commercial properties.
“We are seeing in a year’s time it has gotten worse because we’ve had more layoffs and no new jobs. We are preventing so many because I think it would be a whole lot higher,” she said.
Adkins said many homeowners are receiving help. She encourages people to get help before their mortgage gets behind to stop foreclosure.
“I think there’s so many people in denial, thinking everything will work out,” Adkins said.
There are also more banks offering loan modifications this year than the previous year. Essentially, a loan modification is the restructuring or altering of one or more terms of an original mortgage loan, such as the interest rate or monthly payment.
“So many people have signed onto the Making Home Affordable Program,” she said.
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Source: http://www.salisburypost.com/News/011010-foreclosures-Rowan-County
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