Foreclosure Prevention Fund Expand Its Reach

October 1, 2013
Winston-Salem Journal (NC) 
mortgage lending news

The North Carolina Housing Finance Agency recently announced that the North Carolina Foreclosure Prevention Fund has been expanded to assist veterans recently separated from service and military or civilian workers who are furloughed.

Eligible veterans include those honorably discharged since Jan. 1, 2008, and who have a Certificate of Release of Discharge from Active Duty (DD14). Qualifying veterans do not have to be receiving unemployment benefits. Veterans additionally may be eligible for one-time assistance to bring their mortgages current, or for a zero-interest, deferred loan up to $36,000.

Under the loan option, recipients would pay monthly mortgage and related costs for up to 36 months while completing job training and seeking employment. Repayment is not required if the owner lives in the house for at least 10 years. Non-veterans can also apply for assistance through participating HUD-approved counseling agencies statewide or online at NCForeclosurePrevention.gov.










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