NC “Foreclosure Prevention Fund”

  • Foreclosure Prevention for Unemployed

  • North Carolina Hardest Hit Funds Program

  • Free Foreclosure Prevention Services

  • HUD Approved Foreclosure Counseling Services

 

Foreclosure Prevention Fund General Information

The Foreclosure Prevention Fund can help save your home. This is done by providing zero-interest loans to qualifying homeowners.

The program has multiple solutions for providing funding:

  • It can make monthly mortgage payments while looking for another job.
  • It can make monthly mortgage payments while participating in a retraining program.
  • It can pay all or most of the past due portion of the mortgage.
  • It can pay up to $30,000 of a second mortgage.

The amount and length of the assistance varies based upon homeowners’ circumstances. The maximum loan amounts are $24,000 to 36,000, or 24 to 36 months of assistance, depending on county of residence.

Foreclosure Prevention Fund Eligibility Requirements

To be eligible to participate in the Foreclosure Prevention Fund, homeowners must meet the following criteria.

  • have lost their job due to economic conditions within the last two years
  • have a mortgage that is secured by real property
  • have had a stable employment and credit history prior to losing their job
  • be a legal resident of the U.S. who owns property in North Carolina
  • the property must be their principal residence

Benefits of the Foreclosure Prevention Fund

  • Make mortgage payments while looking for a job.
  • Catch up on past due amounts. This would be done if you’ve returned to work, and have sufficient income going forward.
  • Pay off a second mortgage. This would make it easier to handle the payments on your primary mortgage.
  • Delay repayment for the loan for 15 years, unless the home is sold, refinanced or is no longer the principal residence of the owner. 
  • Possible forgiveness of the loan, check with a counselor for details.
  • Once eligibility is confirmed, the N.C. Housing Finance Agency will place a temporary stay of foreclosure on the property for up to 120 days.

Apply for Assistance from the Foreclosure Prevention Fund

Alliance Credit Counseling has helped hundreds successfully apply for assistance. There is a brief telephone interview to determine whether you are eligible to apply for assistance from the loan fund. Then, there is a more comprehensive interview.

Call today to speak to a counselor at 704-973-2419 or use the form at right to send a message.

Also, be sure to check out our Foreclosure Avoidance and Home Champions pages.