Mortgage assistance and foreclosure prevention in North Carolina.
Mortgage assistance is available in all cities including Charlotte and Raleigh. Find a listing of the programs below. In addition to finding mortgage relief from the government or non-profits (listed below), there are other resources for residents that are struggling. Find details on how to get help with a mortgage in NC.
If you are facing a foreclosure in North Carolina
Housing counselors recommend taking several steps. Following this process can help the homeowner position themselves for access to various mortgage assistance programs, both private and government funded.
- You need to call your bank or lender as soon as you think you may have trouble with your payments. Call them before you miss any payments on your home loan. Never wait until you are behind on them. Be sure to open your mail as your lender may be trying to offer you help by sending you offers, some type of solution or communication.
- Numerous experts, including HUD certified mortgage counselors say that the number one mistake people make when facing a foreclosure is not communicating with your lender. As many as half of the foreclosures in North Carolina occur without any communication occurring between the lender and homeowner.
- Even if you don't qualify for a government program, mortgage modification, or help from your lender, you still have options. As an example of one, in a short sale, for example, the bank will agree to take less than what's due on the mortgage, and allow you to sell them home.
- Use the services of a professional or counselor. Get a listing of free HUD foreclosure agencies. A recent study has determined that homeowners who work with a mortgage or foreclosure-prevention counselor are much more likely to be successful in getting a loan modification. They often qualify for a bigger payment reduction than those who don't talk to a counselor.
Pro-bono lawyers and free legal aid in North Carolina are available. Low-income families that need help in dealing with a mortgage servicer or that are farcing discrimination or predatory lending can turn to an attorney for help. Several help low-income families with a mortgage, and find free lawyers in NC for housing needs.
The North Carolina Housing Finance Agency provides help to all parts of the state. They operate toll free hotlines, help people find and apply for emergency mortgage help, and offer other services. There is also information on home buying programs, including loans, from the FHA. Call the agency at (888) 442-8188 or look here for details. https://www.nchfa.com/.
Local mortgage assistance programs in NC
Local non-profits as well as lenders, such as Bank of American and Rocket Mortgage, hep struggling homeowners refinance their mortgages, apply for grants and also reduce foreclosures. North Carolina based HUD counselors as well as other organizations, such as community action, try to help.
- Charlotte North Carolina foreclosure prevention programs are available. Mecklenburg County and Charlotte have a number of non-profit agencies and programs that are targeted at helping homeowners save their home and prevent a foreclosure. Read more about foreclosure prevention in Charlotte.
- Free or low cost foreclosure counseling in North Carolina is available both online and in person. Contact a NC HUD approved housing agency. Non-profit agencies are located across the state, and each is committed to helping homeowners save their home. Learn about all your options, including government programs, loan modification, and other options.
- Raleigh, Durham, Chapel Hill and Cary mortgage relief programs help struggling families. These cities in North Carolina, which are often referred to as the triangle, have several agencies that provide free foreclosure counseling. Staff offer information on mortgage assistance programs as well as grant money to pay a home loan. They are also a great place to turn to for information on the various federal and state run programs, loans, and resources. Read more on how to get mortgage help in the Raleigh-Durham area.
Additional options in NC for people with a foreclosure
The state has several other government run/funded programs. However what is available from these changes from year to year - as many are based on the annual state budget as well as economic conditions in NC. Some of the other options including the following.
- The North Carolina Home Protection Program and Loan Fund is an interest free loan. This program will provide assistance to homeowners who have lost their jobs. If you are found to be qualified to receive financial aid, then individuals can apply for a zero-interest loan for up to $24,000. The funds will them pay their mortgage and other housing related expenses. Learn more on North Carolina Home Protection program.
- Program to delay foreclosures is mandated by the state when conditions warrant. North Carolina passed legislation that requires mortgage lenders to give homeowners and the N.C. Banking Commission 45 days notice before a foreclosure is filed. This legislation also gives the North Carolina commission the power to negotiate mortgage debt and bills directly with lenders on behalf of the consumer. The program is known as the State Home Foreclosure Prevention Project.
- North Carolina foreclosure mediation helps lenders and homeowners find a solution. In North Carolina, a clerk of court can postpone a foreclosure hearing for up to 60 days. The delay is to allow time for the homeowner and the lender to work out a payment plan. In addition, the new law establishes rules for collection companies that try to collect old debts from consumers. Learn more about free North Carolina foreclosure mediation services.
- Regulation to delay a foreclosure while a loan modification is reviewed are part of the “delay” process too. The state of North Carolina has created rules and regulations that will delay a foreclosure while a mortgage modification is being reviewed. Click here to learn more about stopping foreclosures with a loan modification. Basically what is does is that if a homeowner applies for a loan modification, the foreclosure process is put on hold. This will help buy time for the borrower while the application is reviewed.
- Federal government housing aid is allocated, when Congress allocates funds. The federal government is funding a program known as the Hardest Hit Fund. This is providing hundreds of millions of dollars to the state that will be used to help homeowners pay their mortgages and stay in their homes. Read more on the North Carolina Hardest Hit Fund.
- Free hotline for advice is another program. The state, in partnership with banks, lenders, mortgage servicers, and non-profits has created a toll free number for individuals to call to receive advice and counseling. The goal is to help people avoid a foreclosure. Read more on the NC foreclosure hotline.
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