North Carolina Mortgage Assistance Program–Foreclosure Prevention Fund To Bring More Affordable Home Loan Options

North Carolina homeowners may have alternative mortgage assistance options through plans implemented by the North Carolina Foreclosure Prevention Fund, which is hoped to address mortgage payment problems which are associated with unemployment, underemployment, or other financial difficulties which North Carolina homeowners may have faced over the past months.

Home loan modification efforts from various states are being offered through funding provided by the Obama Hardest Hit Fund, which is hoped to allow homeowners in states which have been particularly hard hit by the recession to find affordable solutions to their mortgage payment trouble.

While some of these programs are set to specifically deal with homeowners who have lost their job, there are also reports that mortgage assistance plans will become available in 2011 which will address the second liens on homes and offer permanent home loan modification programs as well.

These foreclosure prevention plans for North Carolina residents may offer loan opportunities, at 0% interest, for up to $24,000 in the hopes of helping homeowners cover their mortgage payment for two years. Yet, there may also be opportunities for homeowners in North Carolina counties that were particularly hit hard by unemployment to obtain a loan for $36,000, both of which may assist homeowners in their mortgage payments or allow some form of relief while they continue to look for a job.

These loans, which could provide foreclosure prevention assistance to North Carolina homeowners, may also be forgiven if a homeowner stays in their home for 10 years.

Homeowners in North Carolina who are continuing to suffer from mortgage trouble related to unemployment are believed to greatly benefit from these plans, but they are only offered to those who face the loss of their home through foreclosure related to job loss.  The program is said to only be offered in specific counties at the present time, but is planned to go state-wide on December 1, 2010.