North Carolina Starts Anti-Foreclosure Assistance

Article by Rudson Tren

North Carolina Starts Anti-Foreclosure Assistance – Business

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North Carolina has started distributing its anti-foreclosure assistance through the state?s Foreclosure Prevention Fund. Since December 1, up to $ 36,000 worth of mortgage payments has been given to every eligible homeowner. The amount would help troubled households to still shoulder mortgage responsibilities while they complete a new job training or seek new employment. Residents in areas with lower rates of unemployment are eligible to receive about $ 24,000.The North Carolina Housing Finance Agency is financing the program through the assistance allocated for the state by the Hardest Hit Fund of the US Department of Treasury. It could be recalled that in August, the state was among the five states that gained approval to use up to $ 600 million of federal fund. The states were chosen based on high unemployment rates that affect a large percentage of populations. North Carolina received a $ 159 million allotment for its anti-foreclosure program. Of that amount, the state?s Housing Finance Agency intends to use $ 115 in rolling out its mortgage payment assistance program. The agency said it intends to help households that have been missing mortgage payments due to inevitable and temporary financial difficulties since January 2008.Applicants for the assistance are required to submit proof of job search or attendance in new job trainings during the period of application. The agency aims to make sure the assistance would get to the right people. It is estimated that up to 21,000 homes in North Carolina would be affected by foreclosures in the coming three years to five years. The program is set to bridge any job loss and attainment of new job among affected homeowners. It aims to make sure every mortgage in the state is paid to help prevent foreclosure and make sure homeowners would stay in their own homes. Qualified homeowners could process applications for the program through any of local and HUD-approved counsel agencies across the state. The agency reminds that services are all free. After each foreclosure counseling session, clients could instantly determine if they get eligibility or not for the mortgage payment assistance program. After eligibility is determined, an appointment with any credit counselor could be set for further or next-level action. This foreclosure prevention program is set to assist a broader range of audience compared to all other previous financial assistance initiatives in the state. Meanwhile, the NC Housing Finance Agency intends to use the $ 44 million left in implementing other programs of the Hardest Hit Fund in 2011. Such programs would focus on refinance of high-cost second home loans and on reduction of principal amounts on expensive first mortgages. For more news, visit ForeclosureConnections.com.

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Rudson Tren



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