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  • state-flag-north-carolinaNorth Carolina has several programs in place to protect homeowners from foreclosure. If you are a North Carolina resident and are facing foreclosure you can find the aid you need. However, you need to act soon. Although North Carolina is a proactive state with good programs in place, it is also a “fast-track” state for foreclosures. The timeline from delinquency to foreclosure can be as short as 60 days.

    North Carolina has a judicial and non-judicial route for foreclosures. The non-judicial route is for mortgages that include a power of sale clause pre-authorizing the lender to sell the property to pay off the balance of the mortgage. In both cases a hearing must be held with the county’s clerk of the court to determine if a foreclosure sale can legally take place.

    North Carolina state laws passed in 2008 require lenders to provide borrowers with at least 45 days warning before starting foreclosure proceedings. This is longer than most states, California for instance, only requires 30 days before a notice of default is sent. You can use those 45 days to negotiate with your lender and stop the foreclosure from ever starting.

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    Foreclosures in North Carolina have spiked by 10.6 percent, and 60 percent of all foreclosures had borrowers with good credit that should have been able to avoid foreclosure. According to official reports, North Carolina’s State Home Foreclosure Prevention Project has helped over 2,000 homeowners avoid foreclosure and provided housing counseling to over 6,000 struggling homeowners. These programs don’t not only help homeowners facing foreclosure, they also helps the economy at large, including the neighbors of struggling borrowers that would see the market value of their homes decrease if the sale prices of homes in their neighborhood dropped. According to one estimate, foreclosure avoidance work carried out by North Carolina’s Home Foreclosure Prevention Project has avoided losses in the realm of $175 million.

    One of the leading projects in the Fight NC Foreclosure program is the provision of free housing counseling advice to borrowers. There are 34 housing agencies in the state low- to medium-income borrowers can approach for free for advice and help when negotiating with lenders. To take advantage of this help you can either call 1-866-234-4857 or visit the Housing and Urban Development Department’s website for an up-to-date list of housing agencies in your area.

    This is just one of the many programs you can apply for in North Carolina. Our next post will look into how North Carolina’s Housing Finance Agency and NC Foreclosure Help can give you the aid you need to save your home.

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