Foreclosures up 44% in Charlotte area

In the third quarter of 2010, some 4,956 homes in the Charlotte-Gastonia-Concord region were reportedly in the foreclosure process, making the Charlotte metro area the 73rd in the nation out of 206 markets for its rate of foreclosure filings.   Nearby Hickory-Lenoir-Morganton metro ranks 158th in the nation for its rate of filings.  Despite growing figures, overall  foreclosures in Charlotte were down 15.6 percent from the previous quarter.

Among the 206 metro areas analyzed in RealtyTrac’s latest report, 133 (65%) posted a year-over-year increase in foreclosure activity.   However, the report also indicated that the number of properties nationwide that received a foreclosure filing in the third quarter slid 0.8% from a year ago, and said it expects to see a dip in repossessions while lenders  work out the paperwork discrepancies that lead to probes by all 50 states’ attorneys general.  This most recent report was issued  as major lenders announced temporary halts in foreclosures  to review documentation irregularities,  amidst pressure by states’ attorneys general.

As foreclosure rates continue to rise in Charlotte, homeowners are urged to consider foreclosure alternatives such as modifications, short sales or deeds in lieu.  Rafael A. Gaitan, Esq., who heads the Real Estate practice at Gaitan Morales, says “as states’ attorneys general continue to force lenders to develop better procedures for handling distressed properties, borrowers now have a new opportunity to analyze their financial situation and take action before it is too late.”  Borrowers who are unemployed or have an adjustable-rate mortgage, as well as others who are experiencing a financial hardship could benefit from consulting an experienced attorney to discuss available options.

For assistance with a foreclosure, loan modification, short sale, or other real estate transaction please contact Mr. Gaitan at [email protected] or at 305.329.1462.