Earlier in the year, the media was having a frenzy regarding the Robo Signing debacle going on with the banks. This was in regards to them having different members of their staff just signing mortgage documents in a hurry to get the deals done. There were many errors and it gave consumers some light at the end of the tunnel. Did their lender have a right to foreclose on them after all? Were their ducks in a row? These were some of the questions arising from this mess.
Now, we are seeing that most of the lenders have built the confidence that they have fixed their internal errors and have reviewed their files and they are compliant. The net result is that foreclosure filings and execution are picking up at a steady pace. RealtyTrac just reported the first increase in foreclosure filings in the last 3 quarters. Default notices were also up 14% as well. What is the net effect of this? The biggest one is it’s driving down home prices nationwide. We are seeing this as well in the Charlotte, NC area market. No area is really safe, it has global impact to all of our communities. Another factor to remember is that there is a large amount of foreclosure inventory that hasn’t even hit the market yet.
Times are tough and it’s important for homeowners to understand their options and rights. We spend a lot of time educating our clients in the greater Charlotte, NC market when dealing with foreclosure. It’s important for them to understand how the process works, timelines, and how to avoid foreclosure.
Michael Moulton is the owner/broker of Bee Home Solutions, Inc. serving the greater Charlotte, NC market.
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