Views From The Mountains: Suffered Job Loss, Loss of Income or Other Hardship? There Is Help!

Suffered Job Loss, Loss of Income or Other Hardship? There Is Help!

NC FORECLOSURE PREVENTION FUND - HELP WHEN YOU NEED IT!

 

North Carolina Foreclosure Prevention Fund

 

If you are one of the thousands of people in North Carolina who are struggling to make your mortgage payments there may be help for you.  The North Carolina Foreclosure Prevention Fund has helped 15,000 North Carolinians who have lost their jobs or suffered financial hardship STAY in their homes. The fund currently has funding available to assist another 6,000 homeowners!

 

If you are a qualified unemployed worker, the North Carolina Foreclosure Prevention Fund will actually make your mortgage payments for you while you either look for a job or complete job training.  This assistance is also available to our returning service veterans.  In addition, homeowners who are looking for a job after a hardship, such as divorce, illness or death of a spouse/co-signer, may qualify as well.  

 

The North Carolina Foreclosure Prevention Fund has two programs available.  

 

  • Pay your mortgage payments and related costs for up to 36 months (while you seek employment or retrain for a job) via a zero-interest, deferred loan up to $36,000.

 

  • Provide  you with a zero-interest loan to payoff a second mortgage.  This would serve to reduce your total monthly payments to an affordable level while you are seeking a new job.



In addition to assisting the homeowner, the entire neighborhood or community will benefit. North Carolina Foreclosure Prevention FundAccording to Robert Kucab, Executive Director of the N.C. Housing Finance Agency the program will help to stabilize property values and strengthen local economies.  As real estate agents we have seen the negative impact that foreclosure sales have on non-foreclosure properties.  We spend a lot of time explaining to homeowners, who are looking to sell their homes, why they have to price it to compete with the foreclosure next door.

 

The programs have had great success according to Kucab.  Of the 15,000 homeowners assisted, 8850 have completed the assistance program and are responsible for their own payments again. Less than 2% have ended in foreclosure!

 

North Carolina Foreclosure Prevention Fund

 

If you have experienced a job loss, reduction of income or some other financial hardship, you owe it to yourself and your family to see if you qualify for one of these programs. You don’t even have to be behind on your mortgage payments to applyand there is no cost to the homeowner for the assistance.  

 

To see if you qualify visit NC Foreclosure Prevention Fund.

 

Bill and Cyndi

 

The program is offered statewide by the N.C. Housing Finance Agency

and is funded by the U.S. Department of the Treasury.

 

 

Comment balloon 16 commentsBill & Cyndi Daves • January 25 2014 07:00PM

Comments

Bill and Cyndi, the North Carolina Foreclosure Prevention Fund has a good track record. Glad to see they are also helping our returning service members.

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA about 6 years ago

I wish more efforts had been made nationwide to keep people in their homes. Moral hazard ewas never used as we rewarded bad lenders with bailouts, but somehow reducing principle was a bad idea. it is great to see some programs working because keeping people in homes especially now that the market is recovering is morally a good thing.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) about 6 years ago

Michael -  With less than 2% of those who received assistance ultimately losing their homes in the end, I would definitely say the track record is good.

Joe - I couldn't agree more.  The banks that made the bad loans received bailouts while those who needed the assistance the most did not.  It is also a shame that more people do not know about this program and others like it.  Trying to get the word out!

Posted by Bill & Cyndi Daves, TeamDAVES - Your REALTORS In the GA/NC Mountains! (Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond!) about 6 years ago

Good Morning and this is some great Info for all,  keep up the good work and good luck in 2014,  E

Posted by Ed & Tracy Oliva, The Oliva Team Arizona Agents (West USA Realty - Arizona) about 6 years ago

Good Morning and this is some great Info for all,  keep up the good work and good luck in 2014,  E

Posted by Ed & Tracy Oliva, The Oliva Team Arizona Agents (West USA Realty - Arizona) about 6 years ago

Good Morning and this is some great Info for all,  keep up the good work and good luck in 2014,  E

Posted by Ed & Tracy Oliva, The Oliva Team Arizona Agents (West USA Realty - Arizona) about 6 years ago

Always a subject of interest as it can happen to anyone...good post

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) about 6 years ago

This is a great program for people suffering a bit of a life hiccup and don't have the funds to pay the mortgage. Hope this word gets put often and loud

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) about 6 years ago

Wow, these are some pretty incredible options for people. They are both such a huge help.

Posted by Lisa Friedman, 30 Years of Real Estate Experience! (Great American Dream Realty) about 6 years ago

A great program, Cyndi, we don't have anything here like that. 

Posted by Toni Weidman, 20+ Years Selling Homes in New Port Richey, FL (Sailwinds Realty) about 6 years ago

Very forward thinking of North Carolina to have a Foreclosure Prevention Fund.

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) about 6 years ago

Everybody benefits when a foreclosure can be prevented. This is a wonderful program by North Carolina.

Posted by Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate (Coldwell Banker Residential Brokerage) about 6 years ago

Impressive program. People want to succeed. I will find out if Georgia has such a program. If so, I will get it out to the people. Good job spreading the word.

Posted by Pat Braithwaite, E-Pro (Braithwaite Realty) about 6 years ago

Ed and Tracy -  Knowing they have the funds to help 6000 more the word needs to get out!

Richie - It certainly can!

Ed - You never know when you could be the next one to suffer hardship.  Many of those who have lost their homes did so by no fault of their own.

Lisa - I'm impressed by a program that will pay off a second mortgage too!

Toni - I wonder why all states don't.  Not sure what the difference is for NC.

Chris Ann - Absolutely!  Our state is very rural with a lot of industry-type workers. We have had a lot of factories close their production lines down here and send it out the country.  Sad.

Richard - You are so right.  Preventing a foreclosure in a neighborhood will help in keeping property values up.

Pat - Let me know if you find anything out about a similar program in Georgia.  We practice in Georgia as well and would love to know about it.

 

 

 

Posted by Bill & Cyndi Daves, TeamDAVES - Your REALTORS In the GA/NC Mountains! (Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond!) about 6 years ago

Exactly! Help comes to those who seek it out most times I find. :)

 

Love and light,

Laura

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) about 6 years ago

Way to go North Carolina - sounds like a great program!!

Posted by Jill Saddler, Draper Utah Real Estate Professional - 25 years+! about 6 years ago

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