North Carolina is one of many states which was given funding to offer foreclosure prevention efforts to homeowners and, as of December 2010, homeowners are allowed to begin applying for these mortgage assistance options from the North Carolina foreclosure prevention program. This program, which is called the North Carolina Foreclosure Prevention Fund, has been aided by the Hardest Hit Fund, it is hoped to provide opportunities for homeowners over the coming weeks to avoid the loss of their home through various assistance programs.
Homeowners in North Carolina may be able to take advantage of the Mortgage Payment Program or the Second Mortgage Refinance Program, both of which are set to bring about mortgage payment relief for homeowners who are having difficulty making their monthly payments due to factors related to hardships from the recession, like unemployment or the devaluation in properties.
Some homeowners may be able to receive a loan at 0% interest which will allow them to make payments for 24 months, or in some cases, 36 months, and this loan may be forgiven if a homeowner stays at their principal residence for a set period of time. Obviously, homeowners who could receive this funding would benefit because, again, monthly payment obligations have been beyond the means of many homeowners due to cutbacks at their place of employment or simply due to their loss of income.
While programs like these which are implemented by state housing agencies are similar in some cases, each state’s mortgage assistance plan will be tailored to specifically deal with troubles which are being felt by their particular homeowners. Understandably, not all homeowners may qualify for these assistance programs, but there is hope that with federal and private mortgage assistance available through financial institutions and now various state housing agencies, more homeowners will be able to avoid the loss of their home due to financial difficulties which are currently being faced. Homeowners may be able to contact their state’s housing agency for additional information and qualification guidelines for these foreclosure prevention assistance plans and how they may be beneficial to one’s particular situation.