A federally funded program to help homeowners avoid foreclosure has helped 15,000 people in North Carolina, and still has funding to help an additional 6,000 homeowners.
The program, which is offered by the N.C. Housing Finance Agency and funded by the U.S. Department of the Treasury, makes mortgage payments for qualified unemployed workers.
Eligible homeowners can receive a zero-interest, deferred loan of up to $36,000 to pay their mortgage and mortgage-related costs for up to 36 months while they seek or are retrained for a new job. Eligible homeowners may also receive a zero-interest loan to pay off a second mortgage.
Homeowners do not need to be behind on their mortgage to apply. Before providing assistance, the N.C. Finance Agency looks at borrowers’ mortgage payment history and whether their existing mortgage would be affordable if they found other employment.
The statewide program has been in place since late 2010.
To find out more about the program call 888-623-8631 or visit www.NCforeclosurePrevention.gov.
Staff writer David Bracken