The number of mortgages falling delinquent and the number of foreclosures throughout the United States has been at an all time high in recent years. Even loans that are current are in serious risk of default due to falling loan to value ratios. As the unemployment rate rises, so do the number of families facing not only financial struggles, but also facing the very real possibility of losing their homes.
If you are one of the these families, there is help. However, keep in mind, it is much easier to receive help when you are only one or two payments behind. Keep the lines of communication open with your lender.
The Making Home Affordable Program (MHA) is part of the federal government's broad strategy to help homeowners avoid foreclosure, stabilize the housing market and improve the nation's economy. This website can help you determine which category of relief you qualify for and also help you prepare the documentation you'll need to get the process started. Be sure to visit the Learning Center on this site for the latest information in the scams targeted at individuals facing loan default or foreclosure.
In North Carolina, we have the NC Foreclosure Prevention Fund, which provides help for the hardest hit homeowners. The State Home Foreclosure Prevention Project was created by the General Assembly in 2008 to reduce foreclosures in North Carolina. It is administered by the North Carolina Housing Finance Agency, a self-supporting public agency. Free housing counseling and legal aid are among its many services. If you have received a 45-day notification of foreclosure, you are eligible for this program. For more information please call 1-(888)-623-8631.