Maybe you are not behind
on your mortgage payments but have concerns about making future payments? Or
maybe you are actually facing foreclosure? If you feel you are at risk of
losing your home, know that you are not alone. Seek help. North Carolina offers
several free foreclosure prevention resources including counseling, mortgage
payment assistance, and fraud protection.
If you've had a reduction
in income or lost your job, the N.C. Foreclosure Prevention Fund* can pay your mortgage
while you look for or retrain for new employment. You also may be eligible for help
to pay your mortgage while you look for work during a divorce, serious illness,
death of a co-signor or other temporary financial setback. If you qualify, the Fund offers Zero-interest,
deferred loans up to $24,000 for 24 months of assistance or $36,000 and 36
months of assistance in NC high unemployment counties while you seek or retrain
for a new job.. Loan balance is reduced every year you remain in your home
after the fifth year, and is fully forgiven after the tenth year.
Regardless of the reason
for possible foreclosure homeowners can protect their home from foreclosure and
access free counseling by contacting the State Home Foreclosure Prevention
Project (SHFPP) which is funded and led by N.C. Office of the Commissioner of Banks in cooperation with
state and federal agencies, legal assistance organizations, mortgage servicers
and community organizations. Foreclosure
counseling and other services are provided by participating HUD-approved counseling agencies statewide at
no cost to homeowners. SHFPP homeowners can receive help seeking loan
modifications and providing counsel on options to avoid foreclosure
Prevention Fund are federal funds offered through the N.C. Housing Finance Agency, a self-supporting state agency.
More info at www.NCForeclosurePrevention.gov
888-623-8631 or 866-234-4857
Alternatives to Foreclosure:
If you have explored loan
modification and mortgage payment assistance options and decide that you are
still going to let your home go to foreclosure, you should consider the short
sale option. If you do a short sale. counseling
and, guidance on budgeting, restoring credit or transitioning into rental
housing these services are often provided by participating HUD-approved counseling agencies statewide at
no cost to homeowners.
We'd be pleased to serve as your real estate professionals. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service.
Other Trulia Real Estate Blogs:
Short Sale "vs" Foreclosure. Which is better?
What is a short sale? How do I sell my home as a short sale?
How does a foreclosure, short sale or deed in lieu affect my credit score?
Should I buy a short sale home?
Fisher Herman Realty
Licensed NC & SC
Bio & Testimonials
I am a real estate broker and not advising on legal or tax consequences; if you have legal or tax questions, you should contact a NC licensed attorney or CPA