There is 1 in 900 residential housing units in North Carolina that has received a foreclosure application as of October of this year. The foreclosure rate across the country has dropped by 5 percent, but the number is still considerably high. Many borrowers are still on the verge of losing their precious homes and the housing market remains bleak. With this in hand, the federal government is committing billions of dollars to help save homes and sustain the American dream of homeownership. In fact, the North Carolina Housing Finance Agency announced on October 18, 2010 that the new mortgage assistance program that will be piloted in 17 North Carolina counties is expected to help thousands of American homeowners. .
However, mortgage assistance is only available to homeowners who live in the 17 pilot counties. Ask any loan modification representative if you are eligible for the program. If you live in North Carolina but are not eligible, see a counselor approved by the US Department of Housing and Urban Development for other options, you may be eligible for the North Carolina Home Protection Program . Provides temporary subsidies for unemployed workers who have been laid off from work due to poor economic conditions. The program has provided advice to approximately 5,000 homeowners and has provided financial assistance to more than 500 families throughout the region.
The North Carolina Housing Finance Agency was given authority to implement the HUD Mortgage Repayment Program with funds from the US Treasury Department’s Hardest Hit Fund. The plan was approved by the Treasury as the number of unemployed in the state is significantly high. Additionally, the 17 counties chosen to pilot the program were the highest areas in North Carolina with the highest unemployment rates.
Any homeowner in trouble can apply through area counseling agencies; The business must be approved by HUD and participate in the various federal government loan modification programs. Application for the new North Carolina Foreclosure Prevention Fund will begin on December 1 of this year. This effort is to help reduce the number of foreclosure sales in the state, prevent homes from being repossessed, and ultimately stabilize the real estate industry in North Carolina.
This program will expand mortgage assistance given to unemployed workers, people who are behind in loan payments due to divorce, serious illness and other temporary financial limitations. To qualify, the homeowner must have an excellent mortgage payment history prior to financial hardship; history can be obtained from your lender. For more information and inquiries, call 1-888-623-8631 or log on to NCForeclosurePrevention.gov.