If you are a distressed homeowner and are living in
the Carolinas, then avoiding foreclosure is essential to keeping you in
your home as well as preserving your credit integrity. However, in some
rural areas of North and South Carolina unemployment is high as
factories continue to close down operations and ship resources
overseas. If you live in such an area, your options to stave off
foreclosure can seem limited. However, with some creative thinking on
your part you may be able to keep your home or leave it with some cash
in your pocket.

The strongest housing markets in the Carolinas
are centered on the largest cities including Charlotte, Columbia,
Charleston, Raleigh, and Greensboro. Smaller cities such as Aiken,
Anderson, Fayetteville, Wilmington, and Asheville are also fairing
nicely thanks to diverse economies and a broad government base.

However,
for many residents living in scores of less populated counties,
challenges remain strong. Unless you are involved in agriculture, your
very way of living could be threatened.

So, what options do you have living in rural Carolina?

Firstly,
if you are behind on your mortgage payments notifying your banker right
away is important to do. This signals to him that you are serious about
tackling your problem, that you are being responsible for your debt.

Secondly,
attempting some sort of renegotiating of your loan in the form of a
deferment or even a partial forgiveness could be some ways that you may
avoid foreclosure. This could occur if your financial plight is
temporary or if your area is particularly depressed – no mortgage
company wants to repossess a home that has little possibility of being
sold later on.

If your loan has been backed by the FHA – the
Federal Housing Administration – please note that the risk of financing
your home is no longer that of the mortgage company’s. Instead, it is a
FHA loan. Your mortgage provider will have to follow current FHA
guidelines in order to foreclose your home. In that case, you may have
a little bit more leverage especially if the FHA is more lenient than
your mortgage banker.

Should you realize that there is no option
but to leave your Carolina home, get an appraisal to see what your
home’s value is. It may have increased over the years to where a profit
could still be realized in any home sale. Know your rights and check
with your county’s housing department to learn how you can avoid
foreclosure or find assistance to help you stay in your home.