NC Foreclosure Prevention Fund
North Carolina has developed an awesome program designed to help homeowners avoid foreclosure. Known as the North Carolina Foreclosure Prevention Fund, the program aims to homeowners who are in jeopardy of losing their homes. Thus far, the program has successfully saved approximately $2.3 billion in property statewide (Fund Statistics, NC. Foreclosure Prevention (ncprevention.gov/stats.aspx). Currently, there is still funding to assist an additional 5,000 homeowners.
The Fund makes the mortgage payments for qualified unemployed homeowners, including returning veterans, while the homeowner is looking for a job or until the homeowner completes job training. The program also helps those seeking new employment after experiencing a divorce or other hardships.
To assist homeowners, there are over 42 HUD-approved counseling agencies statewide. The program offers assistance through two categories:
- 1. A zero-interest, deferred, forgivable loan of up to $36,000 paying mortgage and other related costs for up to 36 months while the unemployed homeowner seeks or retrains for a job.
- 2. A zero-interest deferred loan to pay off a second mortgage and reduce the total monthly payment to an affordable level. This can help a homeowner who finds a new job, but at reduced income.
This is an excellent state-based program that has successfully helped homeowners avoid foreclosure. I encourage anyone experiencing a hardship to seek assistance through this program immediately.
For more information on this program, please contact the NC. Foreclosure Prevention Fund Department directly at 1-888-623-8631 or visit www.NCForeclosurePrevention.gov.
Comments(2)