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HB 484 Transfer Emergency Foreclosure Program to HFA

August 17, 2011
Debt Collection & Settlement
Mortgage Lending
Bill Law

HB 484 transfers the authority of the State Home Foreclosure Prevention Project (SHFPP), a very important program for NC homeowners at risk of foreclosure, from the NC Commissioner of Banks (NCCOB) to the NC Housing Finance Agency (NCHFA). Since the NCHFA was already administering a number of foreclosure prevention programs, most notably the NC Foreclosure Prevention Fund, this new law is designed to consolidate and streamline these state foreclosure prevention efforts. Both agencies agreed. The transfer preserves all the programs and protections included under the SHFPP. This new law became effective July 1, 2011.