Foreclosure Prevention Effort Expanded to Recent Veterans, Furloughed Workers


Program has already helped nearly 14,000 keep their homes

WASHINGTON, D.C. – October 1, 2013 – (RealEstateRama) — The successful N.C. Foreclosure Prevention Fund has been expanded to help veterans recently separated from service and military or civilian workers who are currently furloughed or facing an impending furlough. The state-designed foreclosure prevention program has already helped nearly14,000 workers who have lost their jobs save their homes. Funding is available to assist another 7,000.

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The Fund makes mortgage payments for qualified unemployed workers as well as homeowners who have suffered certain other hardships, such as divorce, illness or death of a co-signor, while they look for work or complete job training. It is funded by the U.S. Department of the Treasury.

Eligible veterans include those who have been honorably discharged from the military since Jan. 1, 2008, and who have a Certificate of Release of Discharge from Active Duty (DD14). Unlike other applicants, veterans do not need to be receiving unemployment benefits to qualify.

“Transitioning from military to civilian life can be daunting,” said A. Robert Kucab, executive director of the N.C. Housing Finance Agency, which designed and manages the Fund. “When the men and women who have served our country come home from protecting us, we want to help them protect their homes.”

Eligible veterans may be able to get help in one of three ways:

one-time assistance to bring the mortgage current
a zero-interest, deferred loan of up to $36,000, paying monthly mortgage and related costs for up to 36 months while the veteran completes job training and looks for work. If the owner continues to live in the home for at least 10 years, the loan is satisfied and no repayment is required.
a zero-interest loan up to $30,000 to pay off a second mortgage. This can help homeowners who find new jobs at reduced incomes by reducing their total monthly payment to an affordable level.

Furloughed workers with a demonstrated need are eligible for short-term assistance that pays their mortgage until they are back at work. Eligible workers can only receive this assistance for an 18-month period and may receive multiple series of furlough payments during that time.

Homeowners do not need to be behind on their mortgage payments to apply for assistance. They can apply through 41 participating HUD-approved counseling agencies statewide or online at [Editor: Find agencies serving your area at .] Homeowners can find an agency and learn more by calling 1-888-623-8631 or at


The N.C. Housing Finance Agency is a self-supporting public agency. It has financed nearly 215,000 affordable homes and apartments statewide since its creation in 1973.

Press Contact Only:
Margaret Matrone, NCHFA, 919-877-5606, mamatrone (at) nchfa (dot) com
Connie Helmlinger, NCHFA, 919-877-5607 cshelmlinger (at) nchfa (dot) com


North Carolina RealEstateRama is an Internet based Real Estate News and Press Release distributor chanel of RealEstateRama for North Carolina Real Estate publishing community.

RealEstateRama staff editor manage to selection and verify the real estate news for State of North Carolina.


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