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The North Carolina Housing Finance Agency provides homeowners in North Carolina that have lost their job a chance of avoiding foreclosure through a low-cost loan. Learn how this loan can help you recover from a financial setback and save your home from foreclosure.
The Home Protection Program is open to all eligible North Carolina homeowners that lose their job. The program provides borrowers with a loan of up to $24,000 to cover mortgage payments and related expenses, such as insurance, tax and maintenance costs. The major attraction of this loan is that you do not have to pay for it until 15 years have passed , or you sell or refinance your mortgage the property.
There are three main ways this loan can help you. First, the Housing Finance Agency can offer you a one-time loan to cure the default on your mortgage. Second, you can get help while you try to find another job. Thirdly, long-term help is provided while you join a retraining program.
How it works.
If you apply for the Home Protection Program and you are accepted, the North Carolina Housing Finance Agency will put a 120-day stay on your foreclosure. This will stop your lender from selling your property. Once you receive the loan, the Housing Agency will use the money to cover the default on your mortgage. However, notice you will not receive the money. The housing agency will pay for your mortgage directly to your lender. Once all the money is used to pay for your mortgage you will continue making the payments.
To qualify for a Home Protection Program you must have lost your job, or at least suffered a 50 percent reduction of your income during at least two months in the last 2 years. Of course, the job loss must be through no fault of your own. In other words, you will not qualify if you were fired for stealing. Your mortgage must be secured on a real estate property located in North Carolina and is your principal residence. It is also important to have a good mortgage payment history before you lost your employment.
This program has, up to now, helped over 500 families with financial aid, and over 5,000 homeowners with housing counseling.
How to apply?
You must apply through a participating housing agency in North Carolina. For more information on the criteria the agency will use to assess your application click here. If you think you qualify for this program, act quickly. If you wait too long, you could miss this chance of a new financial start.
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