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The N.C. Foreclosure Prevention Fund™ offers help to North Carolina homeowners who are struggling to make their mortgage payments due to job loss or other temporary financial hardship, such as separation or divorce, serious illness or the death of a loved one,. The N.C. Foreclosure Prevention Fund™ is offered by the N.C. Housing Finance Agency, a self-supporting state agency, and funded through the U.S. Department of the Treasury's Hardest Hit Fund™. Services are provided by participating HUD-approved counseling agencies statewide and there is no charge to the homeowner.
Homeowners may be eligible for help through one of the following programs designed to help them prevent foreclosure.
Mortgage Payment Program (MPP)–
MPP provides a zero-percent interest, non-recourse, deferred, subordinate loan that will be forgiven after 10 years. The loans will assist homeowners who are unemployed, re-employed or are dealing with an eligible financial hardship on or after January 1, 2008. Loan funds can be used to bring past-due mortgage(s) current and/or pay monthly mortgage(s) and mortgage-related expenses (i.e., property taxes, fire insurance, mortgage insurance, and homeowner’s association dues) while the homeowner seeks or trains for a new job. Homeowners will be eligible to receive up to $36,000 in assistance for up to 18 months, or up to 36 months if enrolled in school or job training.
Second Mortgage Refinance Program (SMRP)–
SMRP provides a zero-percent interest, non-recourse, deferred, balloon, subordinate loan. The loan becomes due and payable if property is sold, refinanced or no longer owner occupied. Loans are repayable at the time of a sale or non rate/term refinance or will balloon at the end or maturity of the first lien. The loans will provide assistance to recovered, employed homeowners who have an unaffordable second mortgage due to a prior unemployment, under-employment, or other program-eligible financial hardship on or after January 1, 2008. The program will extinguish an existing second mortgage up to $30,000 to achieve a monthly payment not exceeding 36% of the homeowner’s current gross monthly income.
From the time a homeowner first makes contact to seek help, the process of applying for and receiving a loan through the N.C. Foreclosure Prevention Fund™ can take up to four weeks, and in certain cases, even longer. The amount of time required determining eligibility, approving the application, and paying funds to their mortgage servicer may depend on a number of factors.
- The homeowner can call 1-888-623-8631, the NC Foreclosure Prevention Call Center to contact a participating HUD-approved housing counseling agency.
- They are referred to a housing counselor to call to make an appointment or they may apply directly with us online at. without the assistance of a housing counselor.
- The homeowner will need to take time to put together the required financial and legal documents before his/her appointment or applying online.
- The homeowner can apply online or can meet with the counselor to complete the application, which is submitted along with supporting documentation to the NC Housing Finance Agency.
- The N.C. Housing Finance Agency reviews the application and responds within 30 to 45 days of receiving it. If the homeowner is 90 days or more delinquent upon acceptance of the application by the North Carolina Housing Finance Agency, the Agency may place a 120-day stay-of-foreclosure on the property.
- The counselor or closing entity sets up a closing date on the new loan within five days of receipt of the closing package. After the loan closes, the counselor filesthe Deed of Trust with the local Register of Deeds and submits closing documents to the N.C. Housing Finance Agency.
- The N.C. Housing Finance Agency will review the closing documents and make the monthly payments directly to the loan servicer and other mortgage-related parties if applicable, such as the taxing authority, homeowner's insurance company, and homeowner's association.
- The counselor or North Carolina Housing Finance Agency will stay in touch with the homeowners periodically throughout the loan period, to ensure they continue to meet eligibility requirements, such as searching or retraining for a job and continuing to reside in the home.
While eligibility requirements vary for each of the two programs in the N.C. Foreclosure Prevention Fund™, knowing the minimum requirements up-front will give some idea if the homeowner should seek assistance.
REQUIREMENTS:
- Homeowner must bea North Carolina resident, a legal U. S. resident and must occupy the home as his/her principal residence.
- Homeowner cannot currently owe more than $300,000 on all existing mortgages on the primary residence.
- Homeowner must have lost a job or experienced a reduction in income through no fault of his/her own, oris facing or has faced a temporary financial hardship such as serious illness, separation, divorce, or death of a co-borroweron or after January 1, 2008 and needs to find new employment.
- Homeowner must have a good mortgage payment history prior to the recent unemployment or income loss. During the six months prior to the hardship date, payments on the first mortgage cannot exceed 30 days past due. Payment history on other obligations is not considered.
- Homeowner must demonstrate an ability to resume his/her mortgage payment once assistance ends; that is, be employable.
- If self-employed and continuing in the business, homeowner must show taxable income for three of the previous five years.
- Homeowner may own one additional property, unless properties are used for self-employed business.
- Home may be a single family dwelling, condo, townhouse, modular or mobile home if attached to the ground and taxed as real property.
- Only mortgages to financial institutions (not private parties) qualify.
- Contact a housing counselor in a partner agency serving the area (see directory following).
- Call 1-888-623-8631for the counseling agency in the local area or for assistance in applying on-lineat .
Hours:
Monday through Thursday 8:00 a.m. to 9:00 p.m.
Friday 8:00 a.m. to 8:00 p.m.
Saturday 9:00 a.m. to 5:00 p.m.
The N.C. Foreclosure Prevention Fund™ partners with HUD-approved counseling agencies across the state. These agencies are dedicated to helping struggling homeowners by offering:
- free foreclosure prevention guidance, completing and submitting the application
- information about other housing assistance programs in case the homeowner doesn’t qualify for a loan through the N.C. Foreclosure Prevention Fund™
EASTERN REGION of the State
AMEZ Housing Community Development Corporation910-815-3826
Serves: Brunswick, Columbus, New Hanover & Pender counties
Main Office:Wilmington (619 Nixon Street)
Blue Springs-Hoke County Community Development Corporation910-848-2377
Serves:Cumberland, Hoke, Richmond, Robeson & Scotland counties910-904-0312
Main Office:Raeford (114 N. Main Street)
Cape Fear Regional Community Development Corporation 910-202-3490
Serves:Bladen, Brunswick, Columbus, New Hanover & Pender counties910-762-7555
Main Office:Wilmington (500 Compton Street)
Choanoke Area Development Association252-539-3975
Serves: Bertie, Halifax, Hertford, Hyde, Northampton, Tyrell &
Washington counties
Main Office:Rich Square (120 Sessom Drive)
Other Offices:Ahoskie, Roanoke Rapids & Windsor
Cumberland Community Action Program/CCCS of Fayetteville910-323-3192
Serves: Beaufort, Bladen, Brunswick, Carteret, Chatham, Columbus, Craven, Cumberland, Duplin, Greene, Harnett, Hoke, Hyde, Johnston, Jones, Lee, Lenoir, Martin, Montgomery, Moore, New Hanover, Onslow, Pamlico, Pender, Pitt, Richmond, Robeson, Rockingham, Sampson, Scotland, Wayne & Wilson counties.
Main Office:Fayetteville (316 Green Street)
Other Offices:Fayetteville, Goldsboro, Kinston, New Bern, Smithfield, Southern Pines & Wilmington
Greenville Housing Development Corporation252-329-4056
*part of the Greenville Housing Authority
Serves:Beaufort, Edgecombe, Greene, Lenoir, Nash, Pitt & Washington counties
Main Office:Greenville (1103 Broad Street)
Kingdom Community Development Corporation910-484-2722
Serves: Bladen, Cumberland, Harnett, Hoke, Lee Robeson & Sampson counties
Main Office: Fayetteville (308 Green Street)
Northeastern Community Development Corporation252-338-5466
Serves: Camden, Chowan, Currituck, Dare, Gates, Pasquotank & Perquimans counties
Main Office:Camden (154 Highway 158 East)
EASTERN REGION of the State (continued)
Outer Banks Community Development Corporation252-480-2507
Serves:Currituck, Dare, Hyde & Tyrell counties
Main Office:Kill Devils Hills (115 S. Mustian Street)
River City Community Development Corporation252-331-2925
Serves: Camden, Chowan, Currituck, Dare, Gates, Pasquotank, Perquimans
& Tyrell counties
Main Office:Elizabeth City (501 E. Main Street)
Robeson County Community Development Corporation910-422-2003
Serves:Bladen, Columbus, Hoke, Robeson & Scotland counties
Main Office:Rowland (114 E. Main Street)
Rocky Mount-Edgecombe Community Development Corporation252-212-5830
Serves: Edgecombe and Nash counties
Main Office:Rocky Mount (148 S. Washington Street, Suite 108)
Twin Rivers Opportunities, Inc.252-637-0377
Serves: Carteret, Craven, Jones & Pamlico counties
Main Office:New Bern (518 Craven Street)
Wilson Community Improvement Association252-206-1204
Serves: Greene, Pitt, Wayne & Wilson counties
Main Office:Wilson (504 E. Green Street)
CENTRAL REGION of the State
Alliance Credit Counseling866-303-3328
Serves:Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston,
Iredell, Lincoln, Mecklenburg, Rowan, Stanly & Union counties
Main Office:Charlotte (13777 Ballantyne Corporate Place, Suite 100)
Charlotte Mecklenburg Housing Partnership, Inc.704-343-4692
Serves:Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg & Union counties
Main Office: Charlotte (4601 Charlotte Park Drive, Suite 350)
Community Link704 -332-9034
Serves: Anson, Cabarrus, Mecklenburg & Union counties
Main Office:Charlotte (601 E. Fifth Street)
Other Offices:Cornelius, Concord & Monroe
Consumer Credit Counseling Services of Forsyth County336-896-1191
Serves: Alleghany, Ashe, Davie, Forsyth, Iredell, Stokes, Surry &888-474-8015
Yadkin counties
Main Office:Winston-Salem (8064 North Point Boulevard, Suite 204)
Other Offices:Kernersville, Mocksville, Statesville & Yadkinville
Consumer Credit Counseling Services of Gaston704-862-0702
Serves:Cleveland, Gaston & Lincoln counties
Main Office:Gastonia (214 E. Franklin Boulevard)
Other Office:Lincolnton
Consumer Credit Counseling Services of Greater Greensboro336-373-8882
Serves:Alamance, Caswell, Davidson, Guilford, Randolph, Rockingham
& Rowan counties
Main Office:Greensboro (315 E. Washington Street)
Other Offices:Asheboro, Burlington, High Point, Lexington, Salisbury, Wentworth & Yanceyville
Consumer Education Services, Inc.866-635-6189
Serves:Alamance, Durham, Franklin, Granville, Halifax, Harnett, Johnston,
Lee, Lenoir, Nash, Orange, Pitt, Vance, Wake, Wayne & Wilson counties
Main Office:Raleigh (3700 Barrett Drive)
Davidson County Community Action, Inc.336-249-0240
Serves:Davidson, Davie, Forsyth & Randolph counties
Main Office:Lexington (15 E. Second Avenue)
Durham Regional Financial Center919-682-5788
Serves:Alamance, Durham, Franklin, Granville, Orange, Person 877-684-2778
& Wake counties
Main Office:Durham (315 E. Chapel Hill Street) Other Offices:Hillsborough & Oxford
Franklin-Vance-Warren Opportunities, Inc.252-492-0161
Serves: Franklin, Granville, Person, Vance & Warren counties
Main Office:Henderson (116 Young Street)
Greensboro Housing Coalition336-965-9809
Serves:Guilford County336-691-9521
Main Office:Greensboro (122 N. Elm Street, Suite M-2)
Guilford County Homeownership Center336-553-0956
Serves:Alamance, Davidson, Forsyth, Guilford, Randolph & Rockingham counties.
Main Office:Greensboro (122 N. Elm Street, Suite 504)
Monroe-Union County Community Development Corporation704-283-8804
Serves:Union County
Main Office:Monroe (349 E. Franklin Street)
Prosperity Unlimited704-933-7405
Serves: Cabarrus, Iredell, Mecklenburg, Rowan & Stanly counties
Main Office:Kannapolis (1660 Garnet Street, Suite A)
Other Offices: Locust and Mooresville
Raleigh Area Development Authority919-807-8400
Serves:Cumberland, Durham, Edgecombe, Franklin, Harnett, Johnston,
Lee, Nash, Wake, Wayne & Wilson counties
Main Office:Raleigh (4030 Wake Forest Road, Suite 205)
Reinvestment Partners919-683-1185
Serves:Alamance, Chatham, Durham, Franklin, Granville, Johnston,
Orange, Person, Vance, Wake & Warren counties
Main Office:Durham (400 W. Main Street, # 408)
Salisbury Community Development Corporation704-638-2154
Serves: Davidson, Iredell & Rowan counties
Main Office: Salisbury (1400 West Bank Street)
Telamon Corporation919-899-9911
Serves: Durham, Franklin, Harnett, Johnston & Wake counties
Main Office:Raleigh (5560 Munford Road, Suite 202)
Other Office: Clayton
Triangle Family Services919-821-1770
Serves: Chatham, Durham, Johnston, Orange & Wake countiesext. 125
Main Office:Raleigh (700 Blue Ridge Road, Suite 101)
Other Office: Durham
White Oak Foundation919-362-6799
Serves: Chatham, Durham & Wake counties
Main Office:Apex (1621 White Oak Church Road)
WESTERN REGION of the State
Cleveland County Community Development Center704-480-7701
Serves: Cleveland County
Main Office:Shelby (823 W. Warren Street)
Consumer Credit Counseling Services of the Carolina Foothills828-288-7062
Serves: Polk & Rutherford counties
Main Office:Spindale (200 Ohio Street)
Northwestern Regional Housing Authority828-264-6683
Serves: Alleghany, Ashe, Avery, Mitchell, Watauga, Wilkes & Yancey counties
Main Office:Boone (869 Highway 105 Extension, Suite 10)
Other Offices:North Wilkesboro
Olive Hill Community Economic Development Corporation828-433-8470
Serves:Burke, Catawba, Caldwell & McDowell counties
Main Office:Morganton (420-C West Flemington Drive)
On Track Financial Education & Counseling Services828-255-5166
Serves: Ashe, Avery, Buncombe, Cherokee, Clay, Graham, Haywood, 800-737-5485
Henderson, Jackson, Macon, Madison, McDowell, Mitchell,
Polk, Swain, Transylvania, Watauga & Yancey counties
Main Office:Asheville (50 S. French Broad Avenue, Suite 227)
Western Piedmont Council of Governments828-322-9191
Serves: Alexander, Burke, Caldwell & Catawba counties
Main Office:Hickory (936 Fourth Street, SW)