New Foreclosure Prevention Fund Expected to Help 21,000 Unemployed North Carolina Homeowners

December 1, 2010 – (RealEstateRama) — Beginning today, financial help is available for North Carolina homeowners who are struggling to pay their mortgages because they’ve lost their jobs or experienced other temporary hardships.The N.C. Housing Finance Agency announced today that its new N.C. Foreclosure Prevention Fund is now available statewide through participating HUD-approved counseling agencies. The new program is financed by the U.S. Department of the Treasury’s “Hardest Hit Fund.”

“We expect the N.C. Foreclosure Prevention Fund will enable 21,000 North Carolina unemployed workers to keep their homes,” said A. Robert Kucab, executive director of the N.C. Housing Finance Agency. “By reducing the number of foreclosure sales, the effort will also help stabilize property values in communities across the state.”

Kucab said the Fund will make mortgage payments for qualified unemployed workers while they seek jobs or complete job training in a new field. Others, who through no fault of their own, have gotten behind on their mortgage payments because of divorce, illness or other temporary hardship, may qualify for help while they seek jobs to get back on their feet. The program is expected to be available over the next three to five years.

The assistance will be provided as a zero-interest, deferred loan of up to $24,000 or 24 months of mortgage-related payments. In high unemployment counties, the maximum assistance is $36,000 or 36 months. Homeowners will resume making their own mortgage payments at the end of the loan period. If the owner continues to live in the home for 10 years, the loan will be considered satisfied and no repayment will be due.

To be eligible, homeowners must have a good mortgage payment history prior to the job loss or hardship, have potential to resume their mortgage payments once the assistance ends, and meet other program guidelines.

For more information about their eligibility, homeowners should call a participating counseling agency or the information line, 1-888-623-8631, or go to www.NCForeclosurePrevention.gov.

The Treasury’s “Hardest Hit Fund” is authorized under the Emergency Economic Stabilization Act of 2008. It is available in 18 states and the District of Columbia, which have experienced high unemployment or a steep decline in property values. North Carolina was selected because of the large percentage of the population living in counties with high unemployment rates in 2009.

Counseling Agencies – Press Contacts Only
[Editor: Consumers should contact counseling agencies as listed on county map.]

Alliance Credit Counseling, Kevin Porter, lead counselor for MPP, (704) 943-0321
          Serves Mecklenburg County

AMEZ Housing Community Development Corporation, Linda Smith, executive director, (910) 815-3826, ext.103
          Serves Brunswick, Columbus, New Hanover and Pender counties

Choanoke Area Development Association, Sallie Surface and Brenda Greene, project administrators, (252) 539-4155
          Serves Bertie, Halifax, Hertford, Hyde, Northampton, Tyrell and Washington counties

Cleveland County Community Development Center, Karla Haynes, executive director, (704) 480-7701
          Serves Cleveland County

Consumer Credit Counseling Services of Forsyth County, Peter Laroche, president & CEO, (336) 837-0650
          Serves Alleghany, Ashe, Davie, Forsyth, Iredell, Stokes, Surry and Yadkin counties

Consumer Credit Counseling Services of Gaston County, C.J. Lowman, program manager, (704) 862-0702
          Serves Cleveland, Gaston and Lincoln counties

Consumer Credit Counseling Services of Greater Greensboro, Linda McKnight, executive director, (336) 373-8882, ext. 1140
          Serves Alamance, Caswell, Davidson, Guilford, Randolph, Rockingham and Rowan counties

Consumer Credit Counseling Services of the Carolina Foothills, Nikki Carpenter, executive director, (828) 286-7062
          Serves Polk and Rutherford counties

Cumberland Community Action Program/CCCS of Fayetteville, Patricia Tyson, director of community service programs, (910) 323-3192, ext. 33
          Serves Beaufort, Bladen, Brunswick, Carteret, Chatham, Columbus, Craven, Cumberland, Duplin, Greene, Harnett, Hoke, Hyde, Johnston, Jones, Lee, Lenoir, Martin, Montgomery, Moore,
          New Hanover, Onslow, Pamlico, Pender, Pitt, Richmond, Robeson, Rockingham, Sampson, Scotland, Wayne and Wilson counties              

Franklin-Vance-Warren Opportunities, Inc., Cathia Pope, housing rehab manager, (252) 492-8808
          Serves Franklin, Granville, Person, Vance and Warren counties

Kingdom Community Development Corporation, Elsie Gilmore, housing director, (910) 484-2722, ext. 302
          Serves Bladen, Cumberland, Harnett, Hoke, Lee, Robeson and Sampson counties

Northeastern Community Development Corporation, Ramona D. Gilbert, deputy director/CFO, (252) 338-5466, ext. 32
          Serves Camden, Chowan, Currituck, Dare, Gates, Pasquotank and Perquimans counties

Northwestern Regional Housing Authority, Wilma McDaniel, special projects manager, (828) 264-6683
          Serves Alleghany, Ashe, Avery, Mitchell, Watauga, Wilkes and Yancey counties

On Track Financial Education & Counseling Services, Tom Luzon, director of counseling services, (828) 255-5166, ext. 118
          Serves Ashe, Avery, Buncombe, Cherokee, Clay, Graham, Haywood, Henderson, Jackson, Macon, Madison, McDowell, Mitchell, Polk, Swain, Transylvania, Watauga and Yancey counties

Prosperity Unlimited, Louise Mack, president/CEO, (704)-933-7405
          Serves Cabarrus, Iredell, Mecklenburg, Rowan and Stanly counties

River City Community Development Corporation, Julieta Smith, director of housing counseling department, (252) 331-2925
          Serves Camden, Chowan, Gates, Pasquotank and Perquimans counties

Rocky Mount-Edgecombe Community Development Corporation, Teisha Harrison, project administrator, (252) 442-8553
          Serves Edgecombe and Nash counties

Salisbury Community Development Corporation, Lou Adkins, project administrator, (704) 638-2154
          Serves Davidson, Iredell and Rowan counties

Telamon Corporation, Donna Ryder, project administrator, (919) 239-8157
          Serves Wake County

Triangle Family Services, Julie Sager, director, CCCS & EHA, (919) 821-0790, ext. 314
          Serves Chatham, Durham, Johnston, Orange and Wake counties

Twin Rivers Opportunities, Inc., Cynthia Dixon, executive director, (252) 637-3599, ext. 400
          Serves Carteret, Craven, Jones and Pamlico counties

United Family Services, Bruce Hamlett, director, economic independence, (704) 367-2770
          Serves Cabarrus, Mecklenburg and Union counties

Western Piedmont Council of Governments, Sherry Long, community development director, 828-485-4251
          Serves Alexander, Burke, Caldwell and Catawba counties

Wilson Community Improvement Association, Deanie Dawson, housing director, (252) 243-4855
          Serves Greene and Wilson counties

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The North Carolina Housing Finance Agency is a self-supporting public agency. It has financed 196,000 homes and apartments in the last three decades, including 81,000 homes for first-time home buyers. To learn more, go to www.nchfa.com or call 919-877-5700 or 800-393-0988.

Consumer Contact: Counseling Agencies at End of Release or 1-888-623-8631

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