Foreclosures In Columbus Are Rising - WTVM.com-Columbus, GA News Weather & Sports

Columbus

Foreclosures In Columbus Are Rising

"Alot of people actually financed homes they could not afford,"says economist Dr. Mike Daniels.

And now some economist say the local housing bubble could burst.  Experts say forclosures in Columbus are up 25 percent from last year.  The culprit -- rising mortgage rates.  Something a lot of homeowners didn't budget for.

"I don't think people really read the fine print about what was going to happen to their payment when the interest rates went up,"says Daniels.

 Many home buyers opted for high risk interest only loans that allow a low down payment and low monthly payments -- that is until interest rates soared.   So far they've gone up 16 times since june of 2004.

"The rate is rising and some people can't handle the payment and it's sad but it's true. So again The American Dream is still here some will have to struggle to make it happen,"says Bill Enfinger American Equity Associates.

One way of doing that is to refinance your home.

"Maybe look into a fixed rate mortgage that way you know what your payment is every month for 30 years fixed and maybe you'll be more comfortable with that instead of getting a bill every month with your bill rising,"says Enfinger.

Another way to avoid foreclosure is to apply for a 40 or 50 year mortgage.  Experts say if all else fails selling your home is a way to move on and start from scratch.

The Consumer Credit Counceling Service says 200 people filed for bankruptcy last march mostly caused by foreclosures.

By Jade Hindmon

jhindmon@wtvm.com

 

  • LocalMore>>

  • Former Chattahoochee Co. Sheriff passes away at age 84

    Former Chattahoochee Co. Sheriff passes away at age 84

    Sunday, July 15 2018 2:59 PM EDT2018-07-15 18:59:50 GMT
    Sheriff Glynn Cooper served Chattahoochee County from 1972 to 2016, now the community will serve him as he is laid to rest. (Source: Watson-Tante Funeral Home)Sheriff Glynn Cooper served Chattahoochee County from 1972 to 2016, now the community will serve him as he is laid to rest. (Source: Watson-Tante Funeral Home)
    Sheriff Glynn Cooper served Chattahoochee County from 1972 to 2016, now the community will serve him as he is laid to rest. (Source: Watson-Tante Funeral Home)Sheriff Glynn Cooper served Chattahoochee County from 1972 to 2016, now the community will serve him as he is laid to rest. (Source: Watson-Tante Funeral Home)

    Glynn Cooper served as the Chattahoochee County Sheriff for 44 years, from 1972 to 2016, making him the sheriff to have served the second-longest amount of time in the state. 

    More >>

    Glynn Cooper served as the Chattahoochee County Sheriff for 44 years, from 1972 to 2016, making him the sheriff to have served the second-longest amount of time in the state. 

    More >>
  • 50-year-old New Jersey man meets family for first time in Columbus

    50-year-old New Jersey man meets family for first time in Columbus

    Sunday, July 15 2018 1:31 PM EDT2018-07-15 17:31:26 GMT
    50-year-old Todd Pearse was adopted at six-months-old and is now meeting his family in Columbus for the first time. (Source: WTVM)50-year-old Todd Pearse was adopted at six-months-old and is now meeting his family in Columbus for the first time. (Source: WTVM)
    50-year-old Todd Pearse was adopted at six-months-old and is now meeting his family in Columbus for the first time. (Source: WTVM)50-year-old Todd Pearse was adopted at six-months-old and is now meeting his family in Columbus for the first time. (Source: WTVM)

    50-year-old Todd Pearse lives in New Jersey with his daughter and his granddaughter. Now, he is surrounded by family he has never known.

    More >>

    50-year-old Todd Pearse lives in New Jersey with his daughter and his granddaughter. Now, he is surrounded by family he has never known.

    More >>
  • GirlzzWhoHustle holds Kiddie Prom Formal in Columbus

    GirlzzWhoHustle holds Kiddie Prom Formal in Columbus

    Saturday, July 14 2018 7:25 PM EDT2018-07-14 23:25:57 GMT

    Today GirlzzWhoHustle held the first Kiddie Prom Formal.  The First Ever Kiddie Prom is an age-appropriate fun night for ages 2-12 years old. 

    More >>

    Today GirlzzWhoHustle held the first Kiddie Prom Formal.  The First Ever Kiddie Prom is an age-appropriate fun night for ages 2-12 years old. 

    More >>
Powered by Frankly