North Carolina Sets Foreclosure Rules

State regulators ruled yesterday that once a homeowner asks for a loan modification, any foreclosure actions must be halted. Now, lenders pursue foreclosures at the same time they’re working with homeowners to make their loan payments more manageable. That puts homeowners up against the clock.

“We believe that the mortgage industry has failed to prevent as many foreclosures as they could have, and that there are some significant flaws in the system,” said Mark Pearce, deputy commissioner of banks. “We think the new rules that we adopted … will help homeowners have a better chance of avoiding foreclosure when they have the ability to stay in the home.”

The second new regulation requires mortgage servicers to respond clearly and promptly when homeowners ask for mortgage assistance. A breakdown in communication can lead to foreclosure.

The regulations take effect June 1. They apply to mortgage brokers and other lenders that account for about three-quarters of the mortgages in the state.

The rules do not apply to banks or savings and loans.


About Michelle Nantz

There are many qualities and skills that go into being an excellent real estate professional: integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills, and a high-quality professional network ~ all of which are hallmarks of Michelle Nantz. In 2003, Michelle began her career in real estate, after a successful career in restaurant and hotel management with her last position as Regional Director of Operations running 56 hotels throughout two states. She owes her success in real estate and management to her expertise in people skills, managing, negotiating, and follow-up. However, it is Michelle’s dedication to quality service that she ultimately credits her success. Michelle shared, “In my experience as a Lake Norman real estate professional, I’ve found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to their needs.” This “client first” philosophy combined with continual personal improvement and keeping up-to-date with the latest technologies is a cornerstone of both Michelle’s and Lake Norman Realty’s business philosophy. In addition to Michelle’s extensive real estate education and her experience in the local market, she is also an Accredited Staging Professional®, which brings additional value to marketing her clients’ homes. Michelle and her family have made the Lake Norman area their home for over 10 years. In her rare leisure moments, you’ll find Michelle with her three children and husband, or unwinding with gardening or reading. “I live and work in this community and only have the best interests of our community and its members in mind,” says Michelle. Her community activities include participation in Denver Days, Relay for Life and support for Christian Ministries and area schools.
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