Home Loan Assistance Programs For North Carolina–What Mortgage Aid Is Available From The Hardest Hit Program?

Ongoing foreclosure troubles have plagued homeowners in North Carolina, along with numerous other states, and as a result of various state housing agencies have used funding provided by the federal Hardest Hit Fund to create programs which will hopefully bring further mortgage assistance opportunities to homeowners in particular states. North Carolina’s current assistance plans available through the state’s Housing Finance Agency are currently only being offered to particular counties in North Carolina, but by December, it’s hoped that these mortgage assistance plans will be available statewide.

However, the plans offered by the North Carolina Foreclosure Prevention Fund do hope to offer aid to homeowners who are unemployed or simply may need assistance to become current on their home loan. Obviously, unemployment has been one of the driving factors behind the inability of many homeowners to make their monthly mortgage payments, but, as an example, this plan from North Carolina can help its residents by offering a 0% interest loan to cover mortgage expenses.

While this may be no guaranteed to help homeowners keep their home, it’s believed that if assistance in the short term can be offered for homeowners who are looking for a job or aid can help homeowners were behind on their mortgage payments become current and continue meeting their monthly mortgage payment obligations, more foreclosures will be avoided.

There are also reports that, in 2011, a Second Mortgage Refinance Program may also be offered for homeowners in North Carolina who may be struggling with difficulties related to a second lien on their home.

Yet, most of these programs implemented by state housing agencies through funding available by the governmental Hardest Hit initiative are somewhat similar, as they do address the needs of homeowners who are behind on their mortgage or suffering from unemployment. However, not all homeowners will obviously qualify for these plans but it’s hoped that more foreclosures will be prevented as individuals may have not only federal mortgage modification assistance options, but these plans available through state housing agencies could also bring alternative options to homeowners who may not qualify for federal mortgage aid.

Again, North Carolina homeowners in every county are not able to take advantage of these programs until December 2010, but homeowners can consult resources from the Home Protection Program until mortgage assistance plans are available in their area.