Home Foreclosure Nc

Home Foreclosure Nc
home foreclosure nc
home foreclosure nc
home foreclosure nc
home foreclosure nc

Real Estate Buyers-Free Money ($14,900) Coming Your Way in Charlotte NC!

Wow! First $8,000 from Uncle Sam, and now $14,900 from the state of North Carolina!  If you ever thought of buying a home in the Carolinas, now might just be your best bet!

Seems like yesterday, with all its frenzy, no one hesitated about sinking their teeth into real estate and stocks. Call it the last great American land grab...so when the markets stumbled and tumbled, many were left feeling like they had their teeth kicked in.

We are finally at the point where it looks like the markets are stabilizing. Our Charlotte market is looking better. Minor ticks have some economists becoming optimistic. This may be an excellent time to consider putting your teeth back in and sinking them into this real estate market .

And for first time buyers, you have little to risk and a lot to gain! As a matter of fact, all indicators suggest that it's a good time to put that smile back on your face. With the triple whammy going on ... extremely low prices...historical low mortgage rates....and a bonus of a $8,000 from Uncle Sam. Plus, a new program coming out at the end of June 2009 will help Charlotte NC first time  home buyers with an additional $14,900 (free money!)available for their down payment-the home does have to be a foreclosure.

Don't groan if you think a foreclosure is just a run down property. Some of the homes being foreclosed on were obviously treated with love and affection. They are the result of a sad state of affairs, not necessarily neglect put upon a property.

If you are not looking for real estate in North Carolina, ask your Realtor if your state is also trying to reward those that purchase on foreclosed property. Keep up with those in the industry and you, too, may be able to reap some of these previously unheard of rewards!

For those first time home buyers seeking North Carolina real estate, here are some of the most basic requirements to get the 14,900 dollars: the homes must be foreclosed and for sale by a bank, bank holding company, government agency, or authorized REO designated entity. Only single-family homes, condominums, and townhomes qualify. Manufactured homes are not eligible.

Further requirements include the physical location of the real estate you are interested in buying: In North Carolina, the home also must be located in one of the 23 counties served by the NSP grant: Alamance, Brunswick, Buncombe, Cabarrus, Catawba, Cumberland, Dare, Davidson, Durham, Edgecombe, Forsyth, Gaston, Guilford, Iredell, Johnston, Mecklenburg, New Hanover, Pitt, Randolph, Rowan, Union, Vance, and Wake. You must occupy the home within 60 days of closing. Any Charlotte NC real estate will be included in this, as Charlotte is located in Mecklenburg County. The counties buffering Mecklenburg, are also included. This gives you a wide spectrum of great places to buy!

This money is available through the NC Housing Finance Agency. If you are sitting on the fence in today's real estate market....it's time to hop off.

About the Author

Claude Cross is Broker/Owner of Homes By Cross. Specializing in Charlotte NC Real Estate and Relocation since 1994.

Foreclosure question.?

My fiance and I want to buy a home in NC where we currently live but I have a home in FL that has been on the market for just under 2 years and will not sell. My mortgage company refuses to let me do a short sale/deed in lieu of foreclosure because I am not in default.

I'm not a lawyer, so this isn't legal advice. For legal advice, you need to talk to a lawyer. (However, I am a licensed Realtor, so this is more than a guess.)

The mortgage company that holds the deed to your home in Florida can't put a lien on the new house in North Carolina. The mortgage is secured by the Florida property, not by your possible North Carolina property.

However, you could still run into all sorts of problems. Lenders generally (and particularly in the credit card field) have started including provisions that say that if you're delinquent on ANY payment from ANY lender, they have the right to raise your interest rate, reduce your credit, etc. I don't know your lender, so I don't know if the mortgage you hope to get in North Carolina might contain any such provision.

Further, though it may not matter, the Florida lender might become even more difficult to deal with if you purchase the North Carolina property. Lenders are more flexible when dealing with owner-occupants. Your Florida property, however, would be considered a second home when you buy the North Carolina one. I've heard of lenders requiring investors to pay money in order to get the lender of one property to permit a short sale.

Have you asked the Florida lender for forebearance? Or for a restructuring of the loan conditions. That's not a short sale or foreclosure, just a modification of the terms of the loan.

One technique you might consider for the North Carolina property, if you buy it. Immediately move it into a land trust. You and your wife would be beneficiaries of the land trust with power of direction. However, to help shield the trust, add another beneficiary with at least 10% ownership. Someone unrelated to you or your wife. The trust can be structured so that, when you sell the property, the 10% owner doesn't receive any profit or benefit. But putting it into a land trust will shield the property from suits, liens, and judgments. More info at http://www.landtrust.net

However, your best bet is to check with a real estate lawyer licensed in North Carolina.

Foreclosure Inspection in Charlotte NC