Top stories
Steady Increase in Foreclosures
USINFO | 2013-12-23 15:43
As per the data from the office of the court clerk, the number of bank owned property listings in Rowan County has increased by 183 as compared to the same time previous year. Close of July 2009 recorded 362 cases of legal proceedings while the number shot up to 545 during the same time. Since 2006, total number of foreclosures has been increasing each year. According to Rowan County court clerk, Jeff Barger, the number of foreclosures in development this year is more, as compared to 2009.
Barger said, “Some have been fairly large developments.” “Most of them at that point were lots, and at that point, there’s no demand for them.” Moreover, due to the tough economic times many people are unable to repay their debts. However, Rowan County provides assistance to help people avoid legal proceedings.
Lou Adkins, working with Salisbury Development Corp., reported that the organization was contacted 116 times for assisting such people in the month of July this year. “If they can get to us, they’re not being foreclosed on,” Adkins informed. “I think most of the foreclosures are people who don’t know about us.” Adkins also added that the agency is currently offering loans at zero percent interest to those jobless people, with a payback period of 15 years.
The Home Protection Program offers loans of almost $24,000 for paying the borrower’s mortgage and other related expenses like property taxes, property insurance and homeowner dues up to one year. Soon, more resources would be available to the Community Development Corp. A plan to employ $159 million for prevention of legal proceedings in the state presented by North Carolina Housing Finance Agency has been approved by the U.S Treasury. The Treasury’s Hardest Hit Fund is endorsed by the Troubled Asset Relief Program. In 2009, foreclosed homes in Ohio, North Carolina,Rhode Island, South Carolina, and Oregon have been chosen as majority of their population lived in regions that recorded high rates of unemployment.
During February 2010, Hardest Hit funds went to Florida, Nevada, Michigan, California and Arizona that shown a sharp decline in home prices. According to the Home Protection Program, a large proportion of this fund will be utilized for making mortgage payments for unwaged people when they would seek jobs.
In December, when the Hardest Hit program will be offered throughout the state, even those who are lagging behind in mortgage payments without being at fault themselves will be entitled to avail assistance while they continue searching jobs. Most of the loans are of $24,000 for mortgage payment for 24 months in non-targeted provinces and of $36,000 for mortgage payment for 36 months in regions with high unemployment. With an unemployment rate of 11.7%, Rowan is among the 50-targeted provinces of North Carolina.
Barger said, “Some have been fairly large developments.” “Most of them at that point were lots, and at that point, there’s no demand for them.” Moreover, due to the tough economic times many people are unable to repay their debts. However, Rowan County provides assistance to help people avoid legal proceedings.
Lou Adkins, working with Salisbury Development Corp., reported that the organization was contacted 116 times for assisting such people in the month of July this year. “If they can get to us, they’re not being foreclosed on,” Adkins informed. “I think most of the foreclosures are people who don’t know about us.” Adkins also added that the agency is currently offering loans at zero percent interest to those jobless people, with a payback period of 15 years.
The Home Protection Program offers loans of almost $24,000 for paying the borrower’s mortgage and other related expenses like property taxes, property insurance and homeowner dues up to one year. Soon, more resources would be available to the Community Development Corp. A plan to employ $159 million for prevention of legal proceedings in the state presented by North Carolina Housing Finance Agency has been approved by the U.S Treasury. The Treasury’s Hardest Hit Fund is endorsed by the Troubled Asset Relief Program. In 2009, foreclosed homes in Ohio, North Carolina,Rhode Island, South Carolina, and Oregon have been chosen as majority of their population lived in regions that recorded high rates of unemployment.
During February 2010, Hardest Hit funds went to Florida, Nevada, Michigan, California and Arizona that shown a sharp decline in home prices. According to the Home Protection Program, a large proportion of this fund will be utilized for making mortgage payments for unwaged people when they would seek jobs.
In December, when the Hardest Hit program will be offered throughout the state, even those who are lagging behind in mortgage payments without being at fault themselves will be entitled to avail assistance while they continue searching jobs. Most of the loans are of $24,000 for mortgage payment for 24 months in non-targeted provinces and of $36,000 for mortgage payment for 36 months in regions with high unemployment. With an unemployment rate of 11.7%, Rowan is among the 50-targeted provinces of North Carolina.
