NC Lawmakers Move To Stop More Foreclosures

North Carolina legislators have moved to beef up a program to keep the home foreclosure crisis from reaching more deeply into the middle class.

The Senate gave final approval Wednesday to extend a foreclosure prevention program expected to end this fall until mid-2013 and to expand it to all borrowers at risk, not just those with subprime loans. The bill was approved 45-3 and goes to Gov. Beverly Perdue's desk.

Mortgage firms have been required since 2008 to warn homeowners with subprime loans before pursuing a foreclosure in court. The state banking commissioner is also notified and encourages homeowners to get help from a nonprofit housing counselor.

Proceeds from a $75 fee on mortgage services could support counseling and nonprofit legal services.


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  • by mindy on Jul 8, 2010 at 10:22 AM
    I agree Citizen. We currently have 3 homes, the one we reside in on the water and two additional homes which we rent to persons who unable to buy a home. We preparing to purchase 2 additional homes soon because they are so cheap now. One of the properties my mother will move into. She is moving from Jersy City. It just worked well for us to have her nearby but yet not have to move her in. Of course her home will be rent free but the ones we rent, it is a continual battle to get our rent money. They somehow do not understand that we have bills to pay also. We actually have had people standing in line in order to rent one of our homes. Of course that is partly because they are nice homes and in immaculant condition. We were afraid to place all of our money into the homes so we did finance 1/2 of each of the properties. The rent money more than pays the property taxes and mortgage. For us it just seems to be a Win win situation.
  • by voter Location: nc on Jul 8, 2010 at 09:59 AM
    citizen; your logic is beyond reproach. sam; get a hobby.
  • by Anonymous on Jul 8, 2010 at 09:48 AM
    I agree with Citizen for the most part on this - people who buy houses on 30 year mortgages might as well ge renting anyway b/c the banks own the home, not them. A lot of people made bad decisions and got in over their heads, including some who bought 3000 sq. Ft. Homes when they should've been buying a 1500 sq ft home. I don't think I should have to pay for someone else's poor judgement, but the foreclosure will hurt home values in the neighborhood so one or the other, with or without help from the govt, responsible homeowners will have to pay for others who were not responsible. Me? I rent a condo and couldn't be happier with it! 2 pools, a gym, no yard work, people to fix anything that breaks down, and no foreclosure.
  • by Citizen Location: Greenville on Jul 8, 2010 at 08:47 AM
    Sam, if I am able to save up enough money to buy a house, and houses are cheap, I have an opportunity to make money by renting it to someone who can't afford to buy. Your logic is flawed. If someone can't afford to buy, they shouldn't buy. Stop advocating handouts. If someone can't afford to rent, they need to educate themselves or room up with someone until they can be a taxpaying and functional member of society. Believe me, supply and demand will always keep prices in check on both the price of homes and the cost of rent. It's your type of thinking that got us into this housing mess. Not everyone is meant to own a home. Just like not everyone is meant to be a millionaire. It takes hard work, and sacrifice, and knowing when you can afford something, or when you are just going into debt.
  • by Bob Location: Winterville on Jul 8, 2010 at 08:20 AM
    Am I understanding this correctly? So everyone who takes out a mortgage will now pay $75 to "counsel" those that get foreclosed on and did a poor job planning their future and managing their financing. Sounds like yet another tax on the responsible folks and hand-out to the "entitled".
  • by Sam Location: Kitty Hawk on Jul 8, 2010 at 07:56 AM
    To Citizen, if every single person did that, then the value of the houses would be about a third of what they are right now. It would turn to the point that it would begin to cost so much more to rent, which would let the homeowners of at least 2 or 3 homes make more of a profit. That would give those homeowners an easier way to get themselves rich off of what would be close to a monopoly, and rich off the poor people. I see you have your point there, which I understand, but if every single one went to trying to rent, rent would come really expensive. That would probably lead to more that can't afford to rent or own a home, meaning they would be stuck homeless.
  • by Kimo Location: Belhaven on Jul 8, 2010 at 07:01 AM
    Where do you suppose these so called counselors get their money - or are they doing all this great counseling out of the good of their heart??
  • by Citizen Location: Greenville on Jul 8, 2010 at 06:42 AM
    Eastern, the thing is, no one buys a house properly anymore. Very few put 20% down, have a hefty savings account for emergencies, and can take care of themselves in a bad economy. People are living paycheck to paycheck, see a house and decide to hop on the bandwagon. Many people bought these interest only mortgage products and had nothing to put down on the house, let alone the mountain of debt they brought into the home purchase before even signing the papers. Financial problems can affect everyone, which is why you have some savings and a plan before you commit to buying a home. If you can't afford to buy, you should RENT!
  • by Eastern_NC on Jul 8, 2010 at 05:45 AM
    To Citizen... I don't think that's the case for most people having financial problems. It's not that they're not trying or expecting handouts. The economy is terrible and it affects everyone. It is hard to pay mortgages let alone save when gas, food, etc is so expensive. Give them a break...
  • by Citizen Location: Greenville on Jul 8, 2010 at 05:30 AM
    You know what stops foreclosure? Paying your mortgage. If you can't pay it, you shouldn't live there. Go rent. Stop with the handouts to keep people in homes they can't afford. It brings everyone else's values down, and sends the wrong message to everyone about failure. If you've lost your job, or were in danger of losing it, you should have planned ahead and had savings or something and not spent all your money going into debt buying tvs and eating out every night. Good God America, WAKE UP!
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