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.