Forclosures Hit 30 Year High

The number of forclosed homes in the United States has hit a 30 year high. The economy here in East Texas has not been hit as hard as the rest of the nation. But realtors here, have noticed a slight increase in forclosures over the past year.

There are nearly three dozen homes in Smith County listed as foreclosed. They represent not only lost property, but lost dreams. Glyndel Corzine, Branch Manager with Consume Credit Counseling Services, says she hears from as many as five homeowners a month who need help to save their dreams.
"Communicating with that mortgage company is the first thing that that client needs to do. Even if they see that they are going to be delinquent, miss a payment, call the mortgage company and talk to them."

"The past dues have started coming up a little bit." says Jeryl Story, Senior Executive Vice President at Southside Bank.  "They're not bad, but they are up."

Story knows the hard times across the county can be devastating for homeowners who have lost their jobs. Part of his job is to decide when to foreclose on a past due mortgage. "Don't make your lender find you. That's the hardest thing in the world is to have to try to skip trace and find where you are. You don't have any choice but to assume that you're not going to try to keep the property."

Corzine agrees.  "Rather than running from it, we need to face it because the longer you run, the less likely you're going to be able to make it current and maybe save the home."