Despite a recent public notice that appeared in the Feb. 11 edition of the Coastal Courier, Hinesville Mayor James Thomas’ house will not be up for auction on March 3. Thomas’ recent close call marks his second brush with foreclosure in two years.
According to the notice, an auction for the house in the Belle Meade Subdivision was to be held at the courthouse. The mortgage through U.S. Bank National Association was for $159,300.
A year ago, a similar public notice was published in the Feb. 6, 2008, Courier.
On Feb. 29, 2008, a Coastal Courier story reported the mayor avoided the first foreclosure through private means.
Thomas said he was able to avoid foreclosure this time by refinancing his adjustable rate mortgage and getting more loans.
“The foreclosure has been straightened out,” Thomas said. “It will not be up for auction.”
Mirroring the national economic turmoil, which has partially been credited to a subprime mortgage crisis, balloon and adjustable-rate mortgages are causing some homeowners to fall behind with their payments.
However, The Heritage Bank Collections Manager Marty Martin said things don’t seem to be as bad here as in other places.
He said he has seen a slight increase in people struggling to pay both personal and commercial loans and mortgages.
“It has picked up some,” Martin said “I’ve had to do more to get people to pay.”
Martin said he warns people of their foreclosure status through letters and public notices printed in the newspaper.
Although Martin has noticed more late and incomplete payments, he said he’s glad he hasn’t had to foreclose on many homes in the area.
“At the moment, we’ve only had to foreclose on one home since the start of this crisis,” he said.
According to the notice, an auction for the house in the Belle Meade Subdivision was to be held at the courthouse. The mortgage through U.S. Bank National Association was for $159,300.
A year ago, a similar public notice was published in the Feb. 6, 2008, Courier.
On Feb. 29, 2008, a Coastal Courier story reported the mayor avoided the first foreclosure through private means.
Thomas said he was able to avoid foreclosure this time by refinancing his adjustable rate mortgage and getting more loans.
“The foreclosure has been straightened out,” Thomas said. “It will not be up for auction.”
Mirroring the national economic turmoil, which has partially been credited to a subprime mortgage crisis, balloon and adjustable-rate mortgages are causing some homeowners to fall behind with their payments.
However, The Heritage Bank Collections Manager Marty Martin said things don’t seem to be as bad here as in other places.
He said he has seen a slight increase in people struggling to pay both personal and commercial loans and mortgages.
“It has picked up some,” Martin said “I’ve had to do more to get people to pay.”
Martin said he warns people of their foreclosure status through letters and public notices printed in the newspaper.
Although Martin has noticed more late and incomplete payments, he said he’s glad he hasn’t had to foreclose on many homes in the area.
“At the moment, we’ve only had to foreclose on one home since the start of this crisis,” he said.