North Carolina Foreclosure Filings Up in April, 2010

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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.

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 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

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).