Various states have been implementing mortgage assistance programs to help homeowners who are struggling with financial difficulties, like those related to unemployment. While national home loan modification programs have been widely used by numerous individuals and, extension programs from the Making Home Affordable Program have been offered to help homeowners who may be unemployed, state-specific programs like the North Carolina Home Protection Program have been set in place to help homeowners who have lost their job.
The home loan assistance program for North Carolina residents from the Home Protection Program is hoped to aid homeowners who have suffered a severe reduction in their income or have lost their income entirely due to unemployment. The North Carolina Housing Finance Agency reports that homeowners who qualify for this form of mortgage assistance may receive a loan for up to $24,000 at 0% interest to help with mortgage payment costs.
This program may provide financial assistance to unemployed homeowners and also could offer counseling assistance to those who are struggling in their financial life. Similar programs in various states are being implemented in order to help homeowners in a more direct way rather than through national modification programs, which have been the target of complaints by many homeowners.
While home loan modification plans are still available from the Making Home Affordable Program or through in-house modification plans directly from servicers, residents of North Carolina can also contact the N.C. Housing Finance Agency for more information on this program or housing counseling assistance for homeowners who fear the loss of their home through foreclosure.