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