White House launched mortgage help website

The Obama administration just launched a new website designed to help American families struggling to pay their mortgages: makinghomeaffordable.gov  The site aims to clarify and promote the loan modification and refinancing program that the Obama Administration launched in February.

Making Home Affordable is part of President Obama’s comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future.  

The resources available include borrower FAQs, self assessment tools so borrowers can determine their eligibility for the program, a calculator to estimate possible reduction/refinancing options, HUD-approved counseling services and partnered servicers to address additional questions, checklists for necessary documentation homeowners need to have before contacting services and a checklist cautioning borrowers away from the recent surge of illegitimate housing counseling services.

N.C. Foreclosures Down 50 Percent in February

The number of foreclosures in North Carolina fell 49.7 percent in February from the same period last year, according to data from RealtyTrac Inc.

The state had 2,039 foreclosures in February, with one in every 2,023 homeowners receiving a default notice, auction-sale notice or bank-repossession filing.

Foreclosure filings in North Carolina fell 14.5 percent in February from January.

Across the country, foreclosure filings rose nearly 30 percent last month from February 2008. There were 290,631 foreclosure filings, which affected one in every 440 U.S. households.

Filings rose 5.9 percent last month from January.

Nevada, Arizona and California posted the top foreclosure rates in the country last year.

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Source: The Charlotte Business Journal

This Month in Real Estate: Sales Up, Rates Down