Homeowners in North Carolina may be able to get mortgage assistance in cases where unemployment has caused a homeowner the inability to meet their monthly mortgage expenses. Funding from the Hardest Hit Program has allowed certain states to provide additional mortgage assistance to homeowners in certain cases.
According to the North Carolina Housing Finance Agency, homeowners who have recently lost their job may qualify for mortgage assistance which will help them prevent the loss of their home due to foreclosure. Certain states, like North Carolina, who have a high unemployment percentage may be offered similar assistance programs for homeowners who are struggling to find a job and unable to pay their mortgage.
The Home Protection Program, which is being implemented by the North Carolina Housing Finance Agency, states homeowners may be able to receive a loan for up to $24,000 at 0% interest if they qualify for this unemployed homeowner assistance program. Obviously, assistance of this amount could go a long way in helping homeowners who are having difficulty with unemployment and may need help making payments from the month. Understandably, these funds will go towards making mortgage payments, and as a bonus, no repayment is needed for 15 years unless the homeowner sells their home, refinances their mortgage, or relocates.
Homeowners who feel they may qualify for this program or are interested in applying can contact a housing counselor or consult the North Carolina Housing Finance Agency website for more information on this program. While not every homeowner may be able to receive this type of unemployment assistance, North Carolina residents who have been hard hit by unemployment are encouraged to seek out mortgage assistance from plans such as this and options like the Home Affordable Unemployment Program in order to prevent the loss of their home while they continue to look for long-term, stable employment opportunities.