NC Foreclosure Prevention Fund is provided by NC Housing Finance Agency. This is the self-supporting state agency and funded through the U.S. Department of the Treasury’s Hardest Hit Fund. NC Foreclosure Prevention Fund is operating separately under the Home Protection Program of the Housing Finance Agency. This program was designed by the North Carolina General Assembly in 2004. The services are distributed through participating HUD-approved counseling agencies statewide.
Like it is stated above, NC Foreclosure Prevention Fund was managed by N.C. Housing Finance Agency. The main goal of the project is providing assistance for the homeowners who have gotten the letter from the services to notify them that the service plans to foreclose in 45 days. There are many homeowners in North Caroline area who are struggling to make their mortgage payments because of the job loss or income reduction through not of their fault or other unforeseen temporary financial hardships like serious illness or death of co-signor. The government offers help to help these people. You will be assured that you are not alone in facing the problem. NC Foreclosure Prevention Fund has the mission to help you preventing the foreclosure.
NC Foreclosure Prevention Fund Programs
There are some programs which are offered by NC Foreclosure Prevention Fund. The first program is The Mortgage Payment Program. This program provides zero-interest loans for more than $36,000 to pay your mortgage and other related expenses for more than 36 months. You can also use the loan to bring mortgage payment current. Another program from NC Foreclosure Prevention Fund is The Second Mortgage Refinance Program. The program helps you to refinance the high-cost second mortgage and reduce the monthly payments to affordable level. The organization gives you warning related to the foreclosure help. You need to avoid scam. Every client can get free foreclosure through counseling partners at N.C. Attorney General’s Office. They give the information on how to notice and prevent any scam.
NC Foreclosure Prevention Fund requires people to meet certain requirements to be qualified for the Mortgage Payment Program. People are qualified for the program if they are unemployed and learning less than they have in the past. An applicant is also considered as qualified if they are looking for new employment to recover from temporary financial hardship. As the example, if people lost income because of separation, serious illness, divorce, and much more. The company might also grant you the fund if you have a good mortgage payment history before your recent income loss or financial hardship. People are also qualified if they owe no more than $300,000 on all your mortgages. You should check it with your lender to discover your balance.
For the people who are qualified, the program offers you zero-interest loans for more than $36,000 to cover the mortgage and related expenses for more than 36 months while you are searching the new job. There are three methods which are provided by the company in distributing the help. The first method is one-time assistance to bring your mortgage current. Next is the short term assistance while you are looking for a job. The last step is long-term assistance while you are participating in approved job retraining program. NC Foreclosure Prevention Fund helps you to find the best way to help you.
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