Charlotte Real Estate, Foreclosures, Short Sales

New records are being set daily according to recent RealtyTrac reports.  Foreclosures have increased 21% from this year last year and 120% from 2 years ago. Foreclosures have come in 3 waves. The first wave consisted of originated loans with bad lending practices coupled with overvalued homes. The 2nd wave of foreclosures which we are currently in is being caused by a down economy and job loss. The 3rd wave will be led by the adjusting of option ARMs and adjustable rate mortgages on homes that are worth less than their current loan.  A great amount of option ARM loans have an above average loan amount.

Foreclosures are expected to increase greatly in 2010.  Option ARM mortgage homeowners and homeowners experiencing job loss will probably not qualify for the HAMP program, Home Affordable Modification Program due to homeowners who will default this year with adjustable rate mortgages and job loss not meeting the program's guidelines and eligibility requirements.  For more information, please view the video below.