North Carolina Foreclosure Prevention Fund

If you haven’t heard of the North Carolina Foreclosure Prevention Fund, keep reading! This just may be a program that could help you or someone you know.

The N.C. Foreclosure Prevention Fund is offered by the N.C. Housing Finance Agency. It helps North Carolina homeowners who are struggling to pay their mortgage because of job loss or temporary financial hardship that occurred January 1, 2008 or later.

The N.C. Foreclosure Prevention Fund offers zero-interest, deferred loans up to $24,000 to cover your mortgage and related expenses for up to 24 months. If you live in one of North Carolina’s counties with the highest unemployment, you may even be eligible for up to $36,000 over 36 months.

To be eligible you must meet the following criteria:

• Need assistance with payments for your principal residence, which must be located in North Carolina
• Have satisfactory mortgage payment history prior to your financial hardship
• Demonstrate an ability to resume your mortgage payment once assistance ends
• Be a legal resident of the United States

If this sounds like a program that you could benefit from, fill out the eligibility form to find out if you qualify. If you are deemed eligible, you can either apply online or contact  a housing counselor in your area.

If you qualify for a loan from the N.C. Foreclosure Prevention Fund, the N.C. Housing Finance Agency will make your mortgage payment directly to your loan provider or bank. You will be expected to resume making your own mortgage payment once assistance ends.

The great news is that you will pay no interest on your loan. If you remain in your home for at least 10 years, the loan will be forgiven and you owe nothing!

For more information about how to access this program in Forsyth County, contact Consumer Credit Counseling Services of Forsyth County at 336.896.1191.

Watch the video below for more information on how the mortgage payment program works.