The highest concentration of foreclosures in Cabarrus County can be found near downtown Concord and Kannapolis, according to statistics from the U.S. Department of Housing and Urban Development.
But foreclosures have been reported in every corner of the county and are affecting families from all demographics, according to local foreclosure prevention counselors.
Cabarrus County's foreclosure rate was 3.3 percent with the county reporting 1,580 foreclosures, according to a HUD report from 2008 that broke down the foreclosures by U.S. Census Tract. About 1,533 of those homes had been empty for 90 days or longer at the time of the report.
As of May 2009, the number foreclosures filed, but not completed, was 485. That could mean a decrease in foreclosures for the county. Some attribute that to the number of people educating themselves on how to avoid losing their homes.
The number of families seeking help to avoid foreclosure has risen steadily in Cabarrus County since last fall as job losses mount and adjustable rate mortgages come due for a rate change, experts say. Local homeless shelter operators say they have seen an increase in the number of families seeking assistance.
"We are seeing tons of people," said Kerri Roseman, program director for Prosperity Unlimited, a nonprofit group with offices in Kannapolis that counsels homeowners on how to save their homes from foreclosure. "I have people come from all over Cabarrus County. I've seen people from Mount Pleasant, Midland, Harrisburg, Concord and Kannapolis. "
We see people who make $8, $9 or $10 an hour to people who used to get paid $100,000 a year," she said.
Roseman said she worked with about 280 cases in 2008 and has already worked with about 340 so far in 2009.
"I've seen houses that could be worth $50,000 to someone who had a $1 million house on Lake Norman," Roseman said.
But there is help for folks facing foreclosure due to job loss regardless of what their house is worth, she said.
The N.C. Home Protection Program and Loan Fund helps workers who are laid off because of changing economic conditions to avoid foreclosure. North Carolina residents can receive help paying their mortgage for up to 24 months while in a retraining program or for up to nine months while looking for a new job.
Roseman said North Carolina started a pilot program in Cabarrus, Rowan and five other counties after Pillowtex closed in Kannapolis.
The program has since been expanded to all 100 North Carolina counties and is permanently in place to help folks facing job loss and foreclosure.
Foreclosures have reached epic proportions nationally as homeowners defaulted on their subprime mortgages. A second wave of foreclosures has come with adjustable rate mortgages.
"We see a lot of people who could afford their adjustable rate mortgage who can't now because of job loss," Roseman said.
There is help for those facing rate changes, but who have not lost their jobs through the http://makinghomeaffordable.gov/. That program helps homeowners whose monthly mortgage payment is 31 percent or more of their monthly income.
If you are facing foreclosure, experts say you should find a local U.S. Department of Housing and Urban Development-approved counseling agency such as Prosperity Unlimited.
"We're a nonprofit. We charge nothing for our services. A lot of people when they start getting behind, they get letters from people who say we can help you stay in your home," Roseman said. But some agencies charge for these services.
"The best thing to do is to go to a nonprofit that can do the same things for you for free," she said.
Additional information on foreclosure prevention in North Carolina is available at www.ncforeclosurehelp.org.
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