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Are foreclosures a thing of the past?

In the past month I have had a lot of people inquire about foreclosures. In all of Brunswick County, NC currently there are only two homes listed as bank owned in the MLS (site agents use to find properties). But why?

One reason there are fewer foreclosed properties is because during the last year the government offered forbearance programs to help homeowners pay their mortgages. Also, banks are reaching out to delinquent homeowners to refinance at much lower rates, so they can afford their mortgage.

Another reason why there are fewer properties in foreclosures is that homes that were purchased more than two years ago generally have EQUITY in them. That means that the homebuyer can often sell and walk away with a check and no blemish on their credit.

Are you struggling to pay your mortgage and thinking of selling? Give Kim Cotton a call at 910.712.2171, I would love to help you out.

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