The Associated Press reported yesterday that the foreclosure trend is slowing. They claim the end of the crisis is in sight.  That may be the case, but it will most likely be a slow, steady process.  The report is basing there theory on cities like Las Vegas, Phoenix, and Miami having a decline in delinquent mortgage payments.  However, there are statistics that show the housing market is still troubled because of the high number of distressed properties.  More than 15% of homeowners have had a late mortgage payment, which is a record.  Even more troubling is almost HALF of those people are three months or more behind which is up form the average of 20%.  These numbers indicate that many more homes could face foreclosure.

Read the full article

If you are looking for the Triad Foreclosure HOT List to receive fresh, foreclosure listings by email every morning sign up at the following link.  Sign Up for the Triad Foreclosure HOT List

Alternatives to Foreclosure
Stop Foreclosure! (Foreclosure Options)

If you have experienced increased expenses, reduced income, or other hardship and are having trouble making your mortgage payment, you are not necessarily doomed to the devastation of foreclosure. Here are six options you may have to keep your house, if you cannot make your current mortgage payments, are about to default on your mortgage, or feel like you are going into “pre-foreclosure” status:

1. Refinance: You simply get a new mortgage loan and pay off your old (unaffordable) loan with the new one.

2. Repayment Plan: You work with your lender on structuring a repayment plan you can live with – one that lets you catch up on your missed payments by paying more than one full payment per month until you are current on your mortgage.

3. Forbearance Program: You work with your lender to delay or to suspend all (or a part) of your normal monthly payment for an agreed-upon period of time. You may roll the “suspended” payments into the existing mortgage loan, or you may make those payments as part of a repayment plan or loan modification, as agreed between you and your bank(s).

4. Loan Modification: You work with your lender to change the original terms of your mortgage loan. You may be able to change your interest rate, the duration of the loan, or the amount of the loan (adjusted by the amount that you are behind in paying).

5. Short Refinance: You work with your lender to obtain an adjustment or “forgiveness” of the actual principal portion of the balance. This may be used with Forbearance and Repayment Plans.

6. Short Sale: Simply put, it is when a lender will agree to accept an amount which is less than what is actually owed on the property. A short sale is a normal (actually nothing “normal” about a short sale) purchase and sale transaction, however the lender is receiving a payoff which is “short” of the total amount owed. Hence, the term “short sale.”

7. Bankruptcy: You may change your original terms of your mortgage loan as part of a bankruptcy filing, order, reorganization, or repayment plan.

All of these methods require you to be able to make a payment that the Bank agrees with and to make it on-time every month.

If you have encountered a hardship, income reduction, or increase in expenses that prohibits you from participating successfully in any of these programs or that will simply delay the inevitability of foreclosure because you’re actually unable to make acceptable payments, even under modification or other attempt to adjust your mortgage burden, you may need to consider a Short Sale to escape foreclosure and its devastating effects on your life.

For more information on what a Short Sale is and how it can help you or other foreclosure options, please feel free to call (336) 462-9544 for a free consultation or email: info@exitelitenc.com

Tony Green, Realtor and Broker/Owner of EXIT Realty Elite in Winston Salem, NC has helped several home owners avoid foreclosure through the options listed above.

Foreclosures are still high in our area, and Winston Salem and Forsyth County want to do something to help potential home buyers. City and county housing officials are working with local real-estate agents, financial institutions and the Center for HomeOwnership to help families or individuals buy foreclosed houses for less than their appraised value. This should be a win-win for buyers and the local real estate market. The program will help home owners by allowing them to buy a home under market value, and it should help stabilize the real estate market by lowering the amount of foreclosure (REO) inventory.

Through the Neighborhood Stabilization Program, eligible buyers can receive a deferred forgivable loan of up to $20,000 for a down payment on a foreclosed home if the mortgage holder will sell the home for less than its appraised value. Additional assistance may be available for renovations. The foreclosed home must be in a census tract which has incurred or is projected to incur a high rate of foreclosure. The program is open to first-time home buyers and those who have not owned a home for at least three years. The loan would not have to be repaid if the buyer owns and lives in the house for at least 20 years. Eligible buyers must have a house under contract by July 18, 2010, to participate in the program.

The Neighborhood Stabilization Program, which Congress approved in 2008 to assist communities with high rates of foreclosure, has given Winston-Salem and Forsyth County $2.625 million for the program. This program, , which is being funded by the Department of Housing and Urban Development through the N.C. Department of Commerce.

Read the entire article at DigTriad.com

If you are a first time home buyer looking to buy a foreclosure in the Winston Salem area, give me a call/text (336-287-4423) or email and request my Free Foreclosure HOT List with ALL of the freshest foreclosure listings for sale.  It would be a privilege for me to help you fulfill your dream of owning a home.

Buena Vista Foreclosure 843 Wellington, Winston Salem, NC 27106

Buena Vista is one of the most desirable neighborhoods in Winston Salem. You don’t get an opportunity to buy a foreclosure in this neighborhood very often (currently the only foreclosure).  This home has a totally re-modeled kitchen with new cabinets and granite counter tops, and is near move in ready. (Kicking all the spiders to the curb is job one! Ha! Spiders love an empty home).  The home has plenty of room with over 3000′ of heatable space. There are 3 bedrooms, 4 baths, .57 acre, finished basement, and lovely hard wood floors.  This REO (bank owned) property has been recently reduced $20,000.  It’s priced at $329,900 and is over $50,000 below tax value.

There are currently 87 listings in Buena Vista with a median price of $425,000.  16 homes have sold here in the last 6 months with a median sales price of $317,500 and an average “days on market” of 87 days.  Give me a call if you need a buyers agent and would like to view this property.  Call/text me at 336-287-4423.

Google Map (with street view) of 843 Wellington, Winston Salem in Buena Vista

Realty Trac reported that foreclosure activity in May, 2009 was down 16% from April, 2009 and down 35% from May 2008.  North Carolina ranked 26th in the country for foreclosures in May.  Five counties were responsible for 68% of the activity with Guilford County and Forsyth County being ranked 3rd and 4th respectively in the state.  Guilford County had 284 foreclosure filings and Forsyth County had 229 properties with foreclosure filings.  On the Triad MLS, there are currently 188 active REO’s in Guilford County, and 156 active bank-owned, REO, foreclosure listings in Forsyth County.  This would include Greensboro, High Point, Winston Salem, Kernersville, Clemmons, Lewisville, Pfafftown, Walkertown, and other communities in these counties.

Read the entire report at the link below

 http://www.realtytrac.com/ContentManagem…

As always, if you have any interest in foreclosure properties in the Winston Salem and Triad areas or other properties in the Triad, please give Tony Green, Realtor a call at 336-287-4423 or shoot him an email (listed on primary website).

The list price for 5478 Kingsbridge in Winston Salem has just been dropped $10,000 to $219,900.  This 4 bedroom home has plenty of room and is in a great school district.  This brick home was built in 1989, is on .35 of an acre, and over 3200′.  The home does need some work, however comparable homes in the neighborhood are worth $250k – $275k. Call Tony at 336-287-4423 if you would like to see it.

Wonderful custom built brick home with many special details. Master on main level, four bedrooms plus a bonus room upstairs. There is a screened porch overlooking the patio and large yard.  Priced at $567,500 with a tax value of $677,300.  This foreclosure won’t last long!  Call Tony Green, Real Estate Agent at 336-287-4423 to see this home or make an offer.

7359 Henson Forest

544 Hicks Rd. Lexington.   List price recently reduced to $404,900.  This is a bank owned foreclosure home, which has over 5000′ with 8.5 acres of land and a modern design in a quiet area.  The home has 5 bedrooms, 4 baths and was built in 2000.  Call Tony @ 336-287-4423 to find out more about this property.  Please click the link at the end of this sentence if you would like to be added to the Foreclosure email HOT list.

544 Hicks Rd., Lexington NC Foreclosure

NOTICE: This property is sold.  May 15, 2009

This is a fantastic buy in High Point listed for $157,500.  It is near move in condition and has been reduced from the original list price of $177,800.  The home is approximately 1900′, 4 bedrooms and 2 baths on .35 of an acre.  The home was built in 2001 and also has a nice size storage building in the backyard.  Contact Tony at 336-287-4423 or tony @ benhamrealestate.com to see this home priced below market value.

High Point Home for Sale on Wood Cove 27265

NOTICE:  This Property is no longer available (3-18-09)

Here is a great investor deal on a foreclosure in Winston Salem, NC.  It’s a 3 bedroom, 2 bath, and approximately 1100′.  It needs $8k – $10k in repair, and the ARV is $110,000.  Call Tony if you are looking for a good deal in Winston Salem.  336-287-4423.