This one-of-a-kind lakefront lot is truly unique within the Malone Bay community. It is one of the most desirable, if not the most desirable lot among the few remaining properties with waterfront access to W. Kerr Scott Lake.

Malone Bay features 18 lots at W. Kerr Scott Dam & Reservoir. 14 are Lakefront and meet private dock requirements. This is a gated community with Lots ranging from 2.3+- acres to 6.8+- acres On the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697

Main Channel Views.
300 feet of waterfront.
Dock with boat slip and 2 jet ski slips.

2.86 acres.

MLS Number: 51155
List Price: $359,000
Lot Size: 2.86 ac.
Apx Acreage: 2.86
Type: Waterfront
Area: Area 2
Suitable Use: Residential

Topography: Rolling
Utilities: Underground Utilities
Road Frontage: Private Road
Restrictions: yes
Water/Sewer: Public Water
Miscellaneous: 1-5 Acres
Location: Malone Way

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search for : Malone Bay, W. Kerr Scott Lake, W. Kerr Scott Dam

In coming months, homeowners with adjustable-rate mortgages will experience an interest rate reset, giving them a higher rate as required by the loan agreements and leaving many unable to make their payments. Soaring mortgage default rates this year already have shaken major financial institutions and the fallout from more of them, some experts say, could spread from those already battered banks into the general economy. The worst-case scenario is anyone’s guess, but some believe it could become very bad. Some of the nation’s leading economic minds lay out a scenario that is frightening. Not only would the next wave of the mortgage crisis force people out of their homes, it might also spiral throughout the economy. (more…)

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While most of the attention during the housing slump has been directed at subprime mortgages given to those with weak credit histories, some high-cost regions have a different problem. There are prime borrowers with excellent credit who’ve used subprime-style gimmicks in combination with jumbo loans to overpay for their homes. The investors who had fueled the real estate boom earlier in the decade were spooked by cascading losses from the junk mortgages they owned. Since then, the investors have refused to buy securities that aren’t based on the most conservative borrowing standards, even loans to borrowers with excellent credit. If the jumbo-mortgage segment doesn’t bounce back, home sales will slow even more than they have and prices could continue to fall. A well-functioning jumbo market is essential if the housing market is to stabilize and eventually head up again. (more…)

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Many lenders have biweekly payment plans under which borrowers make half the monthly payment every two weeks. They are especially convenient for people like you who are paid biweekly. If you pay half the monthly payment every two weeks, over the course of a year you make 26 half-payments, which is the equivalent of 13 full payments. Most biweekly programs credit payments monthly, while a few credit payments biweekly, which is worth a little more to the borrower. Crediting payments every two weeks means that the balance is reduced every two weeks, which saves a little interest within each month. (more…)

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In the months ahead, millions of adjustable-rate mortgages will reset, giving them a higher interest rate as required by the loan agreements. Many homeowners may be unable to make their payments. Soaring mortgage default rates this year already have shaken major financial institutions and the fallout from more of them. Some experts say this could spread from those already battered banks into the general economy. The worst-case scenario is anyone’s guess, but some believe it could become very bad. “We haven’t faced a downturn like this since the Depression,” said Bill Gross, chief investment officer of PIMCO, the world’s biggest bond fund. He’s not suggesting anything like those terrible times — but, as an expert on the global credit crisis, he speaks with authority. (more…)

search for : adjustable-rate mortgage, global credit crisis

About two thirds of the mortgages in Europe and Australia are written as CAM (Combined Account Mortgages) and under certain circumstances for some borrowers they can be an exceptional tool that can automatically greatly accelerate the payoff of a borrower’s mortgage with no change in the borrower’s spending habits or any special administrative procedures required of the borrower. The key here is that CAM mortgages will benefit the borrower only if he or she makes significantly more money per month than they spend but do not use their excess cash to accelerate the payoff of their existing mortgage because they may need the money downstream. With the typical mortgage they cannot retrieve any extra money they may have paid in without refinancing or selling their home. With the CAM mortgage they can. (more…)

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Freddie Mac has reported a loss of $2 billion for the third quarter and said it is “seriously considering” a 50% cut in its fourth-quarter dividend. Freddie also said it is considering ways to raise additional capital. Losses at Fannie and Freddie constrain their ability to perform their role of funneling money into the mortgage market when other investors are leery of home loans, said Jim Vogel, an analyst at FTN Financial Capital Markets, Memphis, Tenn. Though Fannie and Freddie remain huge sources of funding for mortgages, their woes could prolong the shortage of capital that is forcing lenders to ration credit and hurting demand for housing. Freddie said it has hired Goldman Sachs and Lehman Brothers to help it “consider very near-term capital-raising alternatives.” Last week, Fannie Mae raised $500 million with a sale of preferred stock. (more…)

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$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

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search for : Valle Crucis, NC, Blowing Rock, NC, Blue Ridge Mountains

Homeowners facing foreclosure have several options for saving money, their credit rating or their home. But of more importance is that these same folks need to be wary of foreclosure scams. Even when declaring bankruptcy, avoiding a foreclosure can salvage your ability to rebuild credit and buy another house, which makes the struggle against a possible foreclosure very much worthwhile. Two immediate options available to all mortgage holders are 1) sell the property and 2) work out a deal with your lender. Almost always, your lender will be willing to work with you, rather than lose money at a foreclosure sale. By all means, do not sign over your property title to another company. Some companies say that after the mortgage is current they will re-sign the property back over to you. This rarely happens. Instead, the company is likely to pull out equity, not make any mortgage payments and allow the property to be foreclosed. You will not be able to save the property from future foreclosures because the property is no longer in your name. (more…)

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The numbers of people with homes to plunder has risen fast in recent years. But police and security experts say robbers are hitting homes more because their traditional targets — banks, stores and offices — have been hardened with closed-circuit video surveillance, alarms and guards. By comparison, security at many private homes remains lax, they say. Indeed, in several high-profile crimes, assailants gained access through unlocked doors. In other cases, home-alarm systems apparently weren’t turned on. Security and alarm experts say this is a surprisingly common mistake: Many homeowners lock their doors and set alarms only when they are away. (more…)

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Homeowners across the U.S. are increasingly having trouble making their mortgage payments on time, but borrowers in metro areas of California, Florida and other once-booming housing markets are accounting for the biggest spikes in foreclosure filings, according to a mortgage research company.An analysis of foreclosure activity in the nation's largest 100 metropolitan areas during the three months ended Sept. 30 shows seven cities in California and five each in Florida and Ohio were among the top 25 metro areas with the highest foreclosure rates, according to the study being released Wednesday by RealtyTrac Inc. (more...)

Mayors to confront foreclosures Detroit Free Press, United States - 3 hours ago BY ZACHARY GORCHOW The foreclosed house next door to Kristi Katsma's home in Detroit's Indian Village symbolizes the potential rot the foreclosure crisis ... Detroit to host summit focusing on home foreclosures Detroit Free Press Detroit Hosts Foreclosure Conference WDIV Kilpatrick tackles housing crisis DetNews.com Earthtimes all 7 news articles

Central Fla. Foreclosures Show No Sign Of Letting Up WESH.com, FL - 12 hours ago The crisis in foreclosures for Central Florida is showing no signs of stopping, according to the latest data from realtytrac, which follows auction and ...

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Neighborhood crime rises with foreclosures United Press International - 13 hours ago 19 (UPI) -- Violent crime in Cleveland's working-class Slavic Village neighborhood rose dramatically with the number of home foreclosures, a broadcast ... Crime scene: foreclosure CNNMoney.com all 6 news articles

• Subprime Foreclosures Causing Ripple Effects Consumer Affairs - 16 hours ago Foreclosures on loans to those with shaky credit are resulting in a severe drain on property values -- even for families paying their mortgages faithfully ...