| If you are a distressed homeowner and are living | | | | serious about tackling your problem, that you are |
| in the Carolinas, then avoiding foreclosure is | | | | being responsible for your debt. |
| essential to keeping you in your home as well as | | | | Secondly, attempting some sort of renegotiating |
| preserving your credit integrity. However, in some | | | | of your loan in the form of a deferment or even |
| rural areas of North and South Carolina | | | | a partial forgiveness could be some ways that |
| unemployment is high as factories continue to | | | | you may avoid foreclosure. This could occur if |
| close down operations and ship resources | | | | your financial plight is temporary or if your area is |
| overseas. If you live in such an area, your options | | | | particularly depressed - no mortgage company |
| to stave off foreclosure can seem limited. | | | | wants to repossess a home that has little |
| However, with some creative thinking on your | | | | possibility of being sold later on. |
| part you may be able to keep your home or | | | | If your loan has been backed by the FHA - the |
| leave it with some cash in your pocket. | | | | Federal Housing Administration - please note that |
| The strongest housing markets in the Carolinas | | | | the risk of financing your home is no longer that |
| are centered on the largest cities including | | | | of the mortgage company's. Instead, it is a FHA |
| Charlotte, Columbia, Charleston, Raleigh, and | | | | loan. Your mortgage provider will have to follow |
| Greensboro. Smaller cities such as Aiken, | | | | current FHA guidelines in order to foreclose your |
| Anderson, Fayetteville, Wilmington, and Asheville | | | | home. In that case, you may have a little bit |
| are also fairing nicely thanks to diverse economies | | | | more leverage especially if the FHA is more |
| and a broad government base. | | | | lenient than your mortgage banker. |
| However, for many residents living in scores of | | | | Should you realize that there is no option but to |
| less populated counties, challenges remain strong. | | | | leave your Carolina home, get an appraisal to see |
| Unless you are involved in agriculture, your very | | | | what your home's value is. It may have increased |
| way of living could be threatened. | | | | over the years to where a profit could still be |
| So, what options do you have living in rural | | | | realized in any home sale. Know your rights and |
| Carolina? | | | | check with your county's housing department to |
| Firstly, if you are behind on your mortgage | | | | learn how you can avoid foreclosure or find |
| payments notifying your banker right away is | | | | assistance to help you stay in your home. |
| important to do. This signals to him that you are | | | | |