NC FORECLOSURE PREVENTION FUND - HELP WHEN YOU NEED IT!
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. According 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!
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.