The N.C. Foreclosure Prevention Fund offers a Second Mortgage Refinance Program

The following program will be available beginning in June 2011 in the 50 “hardest hit” counties.

Due to recent economic challenges, you may find you can no longer afford the payment on your second mortgage.

The N.C. Foreclosure Prevention Fund offers a Second Mortgage Refinance Program for employed North Carolina homeowners who are struggling to pay their second mortgage because of previous unemployment, a cut in salary, or a temporary financial hardship. Services are provided by participating HUD-approved counseling agencies statewide.

If you are at risk of foreclosure, the Second Mortgage Refinance Program may be able to help if you:

  • live in one of the 50 “hardest hit” counties
  • are earning less than you have in the past
  • are facing a temporary financial hardship (for example, you have lost income due to divorce, separation, serious illness, or death of a co-signor)
  • have good payment history on your primary and second mortgage prior to your recent income loss or financial hardship

If you qualify, the Second Mortgage Refinance Program may help you reduce your monthly payments by refinancing your second mortgage. The program offers a zero-interest, deferred payment loan of up to $30,000 to pay off your existing second mortgage.

If you remain in your home for 10 years, the loan will be forgiven, and you do not have to pay it back. After you have lived in your home for five years, the loan is reduced by 20 percent a year for years six through 10 until you owe nothing. You repay the total amount only if you sell or refinance the home in the first five years, and only if the sale proceeds are sufficient to repay it. Please note that if you refinance your property for better loan terms, we will subordinate our second mortgage; however, if you refinance to consolidate debt or take out cash, the second mortgage loan must be repaid.

This program is only for homeowners who are not eligible for the federal Home Affordable Modification Program (HAMP). If your lender has told you that you do not qualify for HAMP and you have an unaffordable second mortgage, you may qualify for the Second Mortgage Refinance Program. Please talk to a housing counselor or call 1-888-623-8631.

Homeowners who have participated in the Mortgage Payment Program and are now re-employed may be eligible for the Second Mortgage Refinance Program if they still have a demonstrated financial need. A housing counselor can tell you more.

Find Out If You Are Eligible

How the Process Works

Find a participating HUD-approved housing counseling agency near you.

Advertisements

About Michelle Nantz

There are many qualities and skills that go into being an excellent real estate professional: integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills, and a high-quality professional network ~ all of which are hallmarks of Michelle Nantz. In 2003, Michelle began her career in real estate, after a successful career in restaurant and hotel management with her last position as Regional Director of Operations running 56 hotels throughout two states. She owes her success in real estate and management to her expertise in people skills, managing, negotiating, and follow-up. However, it is Michelle’s dedication to quality service that she ultimately credits her success. Michelle shared, “In my experience as a Lake Norman real estate professional, I’ve found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to their needs.” This “client first” philosophy combined with continual personal improvement and keeping up-to-date with the latest technologies is a cornerstone of both Michelle’s and Lake Norman Realty’s business philosophy. In addition to Michelle’s extensive real estate education and her experience in the local market, she is also an Accredited Staging Professional®, which brings additional value to marketing her clients’ homes. Michelle and her family have made the Lake Norman area their home for over 10 years. In her rare leisure moments, you’ll find Michelle with her three children and husband, or unwinding with gardening or reading. “I live and work in this community and only have the best interests of our community and its members in mind,” says Michelle. Her community activities include participation in Denver Days, Relay for Life and support for Christian Ministries and area schools.
This entry was posted in General Information, Sellers and tagged , , , , , . Bookmark the permalink.

3 Responses to The N.C. Foreclosure Prevention Fund offers a Second Mortgage Refinance Program

  1. Hey, you have a great blog here! and if you want more information about Mortgage, seo ,

    making money online, adsense tips, Financial Tips, blogger tips, Software, Games, computer

    and internet tips and everything you need….

    Come and check it out if you get time 🙂 **Mortgage Tips And

    Guide**

  2. Frez says:

    Great blog! I definitely love how it’s easy on my eyes and also the information are well written. I am wondering how I may be notified whenever a new post has been made. I have subscribed to your rss feed which ought to do the trick! Have a nice day!
    08:57

  3. Galery says:

    Beneficial info and excellent design you got here! I want to thank you for sharing your ideas and putting the time into the stuff you publish! Great work!
    15:49

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s