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Article: A painful principle.
- Article from:
- News & Record (Greensboro, NC)
- Article date:
- May 25, 2008
CopyrightCOPYRIGHT 2008 McClatchy-Tribune Information Services. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Lanita Withers
May 25--GREENSBORO -- Martin Bynum isn't behind on his mortgage. No problems with the bank, no problems with the loan.
But his house is still being foreclosed on -- not due to the hundreds of dollars he can pay, but for the $30 a month he won't.
The creditor foreclosing: his homeowners association.
The debt: $811.
The number of foreclosures in the Triad has increased almost 12 percent in the past year. Much of that jump is attributed to the resetting of adjustable rate mortgages and other economic troubles such as job loss, illness, disability and divorce that render homeowners unable to pay the primary ...