North Carolina Foreclosures Near Record, but Tide May Be Turning


Foreclosures in North Carolina are on pace to set a new record of 70,000-plus filings in 2010, eclipsing last year's record of 63,289. By the end of July there were already more than 40,000 filings, according to data analyzed by the North Carolina Justice Center.

Foreclosure activity slowed a tad in 2009, after lenders suspended some foreclosure efforts and as new state laws took effect -- including one that allows county courts to extend foreclosure sale dates to give homeowners more time to work with their lenders.

One out-of-work couple, Loraine and Kerry Slope, tried working out a loan modification with their lender to save their Charlotte home, reports the Charlotte Observer, but the growing interest rate, late fees and penalties on their $197,000 mortgage swelled the amount owed to $219,000, and they lost the home to foreclosure in May.

Although the Slopes' dreams didn't pan out, there could be hope for struggling North Carolina homeowners who are on the verge of losing their properties.