Wachovia spokesman Don Vechiarello says the number of people 180 days past due on their mortgage is up 1.7 percent. The number of those 90 days past due is 5.8 percent.
CHARLOTTE -- Troubled banks are working with struggling homeowners to help each other out.
Online real estate marketplace RealtyTrac says for every 1,100 homes in North Carolina, one foreclosed this past month. That’s a 78 percent increase over last year. Now, banks like Wachovia are working with homeowners to help them make payments so the home does not go into foreclosure.
A foreclosure list at the Mecklenburg County courthouse is filled with hundreds of people on the brink of losing their homes. "It's real heartbreaking to hear some of these stories,” said Diane Griffin of United Family Services.
Troubled banks are working with struggling homeowners to help each other out.
This year, state housing experts say foreclosures are expected to hit 60,000. In the worsening economic times, some bank loan officers say they would rather get some type of payment for a home rather than seeing the homes going into foreclosure.
Wachovia spokesman Don Vechiarello says the number of people 180 days past due on their mortgage is up 1.67 percent. The number of those 90 days past due is 5.8 percent.
The bank is now working with those homeowners to refinance their homes potentially at a lower rate. Vechiarello says so far Wachovia has helped 18,000 people stay in their homes.
They aren’t the only ones.
"A lot of people say, ‘It's hopeless, let me just walk away from it. I can't save this home, I'll just walk away.’ Those are the folks we are trying to reach,” said Bruce Hamlett with United Family Services.
Last month, United Family Services received a grant to help homeowners on the brink of foreclosure. So far they’ve helped more than 100 homeowners, but Hamlett says it’s an uphill battle.
"Homeowners recognize their first priority is to keep a roof over their head, but now they're having to choose between, ‘Do I buy food, or do I pay a mortgage?’”
National housing agencies will hold a forum in Charlotte in August to talk about the foreclosure issue. For more information, click HERE.