The N.C. Foreclosure Prevention Fund is offered by the North Carolina Housing Finance Agency, a self-supporting state agency, using funds provided by the U.S. Treasury.

N.C. Foreclosure Prevention Fund Success Stories


After being laid off from her position in the medical field in 2010, Veronica began collecting unemployment while she searched for a new job. Although Veronica’s husband remained employed, they were still struggling to make the mortgage payment on time. After hearing about the N.C. Foreclosure Prevention Fund through the local unemployment office, Veronica applied for the program through a local housing counselor; she was approved for 18 months of mortgage payment assistance. Thanks to the Fund, Veronica was able to save her family home while she looked for work. She has been re-employed for nearly two years. “I am very grateful to the N.C. Foreclosure Prevention Fund for giving assistance when my family needed it most.”   

 

After being laid off from work due to company closure, a married father of two applied for the N.C. Foreclosure Prevention Fund through a local housing counseling agency. During this unexpected hardship, he had fallen behind on his first and second mortgage payments, and felt like he was running out of options. The Fund approved him for mortgage payment assistance for 18 months while he looked for new employment. This assistance allowed this homeowner to save his home, and he has since been able to start his own business.


In 2011, Margaret was laid off from her IT job of six years. She saw a flyer about the N.C. Foreclosure Prevention Fund mortgage assistance but thought it sounded too good to be true. Then a friend, who had also been laid off, called to tell her about the help she was receiving from the same program. Through the assistance provided by the Fund, Margaret was able to get help before she fell behind on her mortgage payments, which helped to save her credit. While Margaret looked for new employment, she was approved for 16 months of assistance and was able to save her family home. Before the end of this assistance, Margaret was hired in a new IT position. Thanks to the N.C. Foreclosure Prevention Fund, Margaret was able to keep her family in their home, relieving one of the heaviest burdens and fears of unemployment.


In 2008, a married homeowner in Henderson County was laid off from work after five years in her field. She and her husband had fallen behind on their mortgage payments and other bills when they saw a flyer for the N.C. Foreclosure Prevention Fund at their local bank. After calling about the program, they met with a housing counselor who helped them apply for 11 months of mortgage payment assistance while they looked for new employment. Today, this homeowner has started her own business, is working to rebuild her credit, and thanks the program for helping her family to become, “strong enough to stand on our own.”


In 2008, a homeowner of 13 years found himself facing unexpected financial hardship.  His business took a large hit during the recession, and he began to worry about making the mortgage payments on time. As he began pursuing a new career, he was also taking care of a family member. He found the N.C. Foreclosure Prevention Fund website while researching his financial options and after going through a local housing counseling agency, he was approved for 18 months of mortgage payment assistance. While receiving this assistance, the homeowner obtained a contract position, which eventually led to a permanent job. Today he considers himself to be, “back in the saddle,” and grateful for the program giving him the time he needed to recover.

 

After 17 years as a shipping and warehouse supervisor for an electronics manufacturer in Winston-Salem, Paul was laid off in February 2010. He credits early knowledge of the N.C. Foreclosure Prevention Fund with giving him peace of mind in the face of his job loss. He learned about the Fund through a Rapid Response Team led by the N.C. Department of Commerce with assistance from the N.C. Housing Finance Agency. The Rapid Response Team offers early intervention for workers like Paul who are affected by layoffs or closures throughout North Carolina. Paul was approved for assistance from the N.C. Foreclosure Prevention Fund and is now actively seeking employment. The N.C. Housing Finance Agency will use loan funds to pay his mortgage and homeowner’s association dues for up to 12 months, helping him to hold on to his home while he searches for a new job.

 

Wayne, a successful self-employed Realtor in western North Carolina, also has a retail shop in town managed by his wife.  However, when the recession took hold in the mountains, both endeavors began to suffer. The decline in family income made it difficult for them to continue making payments on their home, which they had owned for four years. That’s when they turned to the N.C. Foreclosure Prevention Fund for help. While most applicants apply for the loan program through local participating credit counseling agencies, Wayne opted to complete the online application and upload the supporting documents.  Within a few weeks, his loan request was approved and a closing date established.  The closing required only minutes, and mortgage payments were soon being sent to the lender.  As the real estate market in the region slowly recovers, Wayne and his wife expect to see their income return to its pre-recession levels.  In the meantime, their home has been saved by the N.C. Foreclosure Prevention Fund until they are able to resume making their mortgage payments.

 

Martha, a single mother in Hickory, was laid off from her job after 18 years. She began attending Catawba County Community College to retrain for new employment but began falling behind on the mortgage payments for her condo. She applied for assistance from the N.C. Foreclosure Prevention Fund through her local counseling agency and was quickly approved. The Fund will pay her mortgage until she graduates from school, allowing her to get the skills she needs to re-enter the job market so that she can resume making her mortgage payments.