North Carolina foreclosure prevention can be obtained through a variety of methods for homeowners in this particular state, but there are also new programs that are beginning in 2011 that may address issues that go beyond the simple need of a homeowner to find a lower payment on their primary mortgage. As an example, the North Carolina Foreclosure Prevention Fund has implemented a Second Mortgage Refinance Program set to begin in June of 2011 and will allow homeowners to find more affordable payments when a second mortgage is in place and the cause of financial distress.
According to the program’s outline, homeowners in North Carolina who are experiencing financial trouble related to paying their second mortgage may qualify for the Second Mortgage Refinance Program if they are employed but have had setbacks that were the result of previous unemployment, a reduction in their salary as a result of cutbacks at their place of employment, or if they are simply experiencing other financial hardships. Again, those who are at risk of foreclosure due to earning less than they have previously and are facing a temporary financial hardship that could be the cause of a foreclosure but may also be avoidable are a few aspects that this program hopes to correct in order to keep homeowners in their place of residence.
Those who have a good payment history but have come upon these difficult financial times and need help with their second mortgage loan usually are those who will potentially qualify for this option as the Second Mortgage Refinance Program is hoped to help consumers by allowing them to reduce their monthly payments through refinancing their second home loan. Also, it was reported that the particular benefits of this program come in the form of “a zero-interest, deferred payment loan of up to $30,000 to pay off your existing second mortgage.”
It was stated by the North Carolina Foreclosure Prevention Fund that homeowners who qualify for this program are those who will have been unable to take advantage of the federal Second Lien Modification Program, as this initiative has been set in place to help homeowners in like manner. Homeowners have, in the past, had problems related to the affordability of their monthly mortgage payments when they have received a primary home modification, but were unable to find any affordability concerning their second lien. Yet, it’s hoped that instances where financial distress related to a second home loan can be avoided and even eliminated, North Carolina homeowners will be able to avoid foreclosure and find a more stable financial ground in their personal life after financial troubles may have arisen.