New Mortgage Assistance Program Pilots in 17 Counties in North Carolina

There is 1 in every 900 residential housing units in North Carolina that has received a foreclosure filing as of October this year. The foreclosure rate nationwide has dropped by 5 percent but the number is still considerably high. Many borrowers are still on the verge of losing their precious homes and the housing market still remains unpromising. With this on hand, the federal government is allocating billions of dollars to help save houses and keep the American dream of home ownership. As a matter of fact, the North Carolina Housing Finance Agency announced last October 18, 2010 that the new mortgage assistance program that is set to pilot in 17 counties in North Carolina, is expected to help thousands of American homeowners.

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However, the mortgage assistance is only available for homeowners living in the 17 pilot counties. Ask any loan modification representative if you are eligible for the program. If in case you living in North Carolina but are not eligible, ask a counselor approved by the U.S. Housing and Urban Development for other options, you may be eligible for the North Carolina Home Protection Program. It provides temporary subsidies for unemployed workers who have been laid off from work due to the bad economic condition. The program has been providing counseling to approximately 5 thousand homeowners and had given financial assistance to over 500 families across the region.

The North Carolina Housing Finance Agency was given authority to implement the Mortgage Payment Program HUD with finances from the U.S. Department of the Treasury's Hardest Hit Fund. The plan was approved by the Treasury as the number of unemployed in the state is significantly high. Furthermore, the 17 counties chosen to pilot the program were the top most areas in North Carolina with the high unemployment rates.

Any troubled homeowner can apply through the counseling agencies in the area; the firm must be approved by the HUD and is a participant in the federal government's various loan modification programs. Application for the new N.C. Foreclosure Prevention Fund will start December 1 this year. This effort is to help reduce the number of foreclosure sales in the state, keep homes from repossession, and ultimately stabilize the real estate industry in North Carolina.

This program will expand the mortgage assistance given to unemployed workers, individuals who are behind on loan payment due to divorce, serious disease, and other temporary financial constraint. To qualify, the homeowner must have an excellent mortgage payment history prior to the financial hardship; the history may be obtained from his or her lender. For more information and inquiries, contact 1-888-623-8631 or log on to NCForeclosurePrevention.gov.

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