Recently listed is this one of a kind, 2.87 acre Waterfront Lot with a beautiful view of W. KERR SCOTT LAKE.

It features easy lake access and is dock approved.

The lot is alredy cleared and is ready for building your beautiful home.

Important for lake lots, the property has been “Perc” tested and approved for a septic system for a 3 Bedroom 2 Bath home.

$400,000 for this unique NC lakefront property.

Contact Greg Stikeleather, Broker, 704.880.5247 or email Greg at grstike@charter.net

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Mortgage fraud rose 30 percent last year; it is spreading nationwide, and it’s getting the blame for the housing bust. Once concentrated in relatively few state, “incidents of mortgage fraud are now more evenly distributed across nearly all states,” according to the institute’s “Ninth Periodic Mortgage Fraud Case Report To the Mortgage Bankers Association.” The report says most fraud comes from so-called “liar loans” where applicants (either on their own or because they are cajoled) are not truthful about their employment history and clamed income — a crime punishable by up to 30 years in jail or fines of up to $1 million or both, according to the Federal Bureau of Investigations which, in recent years, has gone after mortgage fraud for what it is — organized crime.

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search for : Mortgage fraud, liar loans

In many areas of the country, the real estate downturn grinds on longer than the housing economists had been predicting (go figure). According to a recent teleconference with numbers crunchers from the National Association of Home Builders and the Joint Center for Housing at Harvard, spending on remodeling is also dropping, but just 1.5 percent after adjustment for inflation. According to NAHB chief economist David Seiders, the slower growth of remodeling this year and next would be more evident in highly discretionary jobs like remodeling kitchens and baths and adding rooms. So now I know why the bank made the offer and suggested adding a room.

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The AARP says taking the appropriate measured steps to save your home from foreclosure includes avoiding scoundrels who would take advantage of your vulnerability and reporting the frauds to the authorities. Nowhere is the need for consumer activism more obvious now than in the mortgage arena. Because of over-selling loans to borrowers with a questionable ability to repay them, millions are losing homes and criminals who prey on them would like to add to that trend.

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search for : AARP, save your home from foreclosure

Mortgages are one example among many where plans — and the intentions they spawn — may prove expensive. The longer it takes to repay the amount originally borrowed — the principal — the greater the total interest charge. According to a survey released this year by the federal Canada Mortgage and Housing Corporation, “Three-quarters of all respondents to the 2006 Mortgage Consumer Survey indicated that their goal is to pay off their mortgage as quickly as possible.” This is a common plan, but paying off the mortgage in fifteen years or less is not commonplace. The financial complications of raising a family, establishing a career and living today’s have-it-all-now lifestyles derail many plans and add to the cost of borrowing.

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search for : Mortgages, 2006 Mortgage Consumer Survey

If you’re a creditworthy customer known as a “prime” borrower, you should qualify for a mortgage interest rate less than the prime rate, which is 8.25 percent. In the middle is not-so-prime-time lending — or the “Alternative-A” mortgage world. These loans are made to people who are considered less risky than a subprime borrower but aren’t as creditworthy as someone in the prime category. Then there’s the subprime market. Such loans are typically made to borrowers who have spotty credit records. The interest on these loans are usually at the prime rate or higher. Generally you enter subprime territory when you have a credit score in the low 600s. But a low credit score isn’t the only factor. You might only qualify for such a loan if you have a low downpayment or you can’t accurately document your income.

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search for : mortgage interest rate, subprime borrower