As you are no doubt aware, home foreclosures are rising across the country, and experts predict that more than one million families will lose their homes this year.
While North Carolina's foreclosure rate is not nearly as high as many other states, it's estimated that nearly 50,000 home loans will begin foreclosure in North Carolina this year, a trend that's expected to continue in our state in 2008.
Sadly, many homeowners could avoid foreclosure if they contact their mortgage company as soon as they experience financial distress, but research shows that nearly 50% of homeowners in financial distress never contact their mortgage company.
If you, or someone you know, is in danger of facing foreclosure, the Homeownership Preservation Foundation, a non-profit organization that helps homeowners avoid foreclosure, will provide you with a HUD-approved counselor to set up a plan of action for your specific situation at no cost to you. They can be reached 24 hours a day/7 days a week on their hotline number (888-995-HOPE) or through their website.
If you've fallen behind in your mortgage payments, no matter what the reason, make the call, because doing nothing is the worst thing you could do.
That's what we think. Tell us what you think.