Tuesday, May 02, 2006

Defaults Up 300% In Seven Years: NC

An update on foreclosure in North Carolina. "In Wake County, an average of 80 homes are foreclosed on each week. 'It's at least 50 percent of an increase in the last five years. Five years ago, there would have been half the foreclosures there are today,' said attorney Timothy Peterkin."

"In fact, in the past seven years the number of foreclosure filings on homes and businesses has jumped 300 percent statewide. In Wake County, filings have risen 263.5 percent."

"Carolyn Buie went through the horror of foreclosure. She didn't realize she'd signed a high-cost loan with high interest and fees. When Carolyn became disabled, the mortgage became too much. 'It's a very confusing process, you know, get a loan closing and you have 100 pages to sign,' Peterkin said."

"Confusion, mortgage fraud, creative financing, balloon loans, interest-only loans are some of the reasons why in seven years, North Carolina foreclosure filings are up 300 percent. 'That's terrible. That says to me there's something wrong with our system,' Buie said."


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