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Military Veterans Home Mortgage Payment Help
Transitioning from military to civilian life can be daunting, particularly if you are struggling financially while you are trying to begin a new career or learn the skills for a new job. If you are a returning military veteran and are having trouble making your home mortgage payments, the NC Foreclosure Prevention Fund may be able to help you while you look for work or complete job training.
You don’t need to be behind on your mortgage payments to seek help. To be eligible, you must provide
When your application is received and your eligibility is confirmed, the NC Housing Finance Agency may place a temporary stay-of-foreclosure for up to 120 days so that the company that owns your mortgage cannot foreclose on your home or take other legal action while your loan application is under review. If you qualify for the loan, the NC Housing Finance Agency will make your mortgage payment directly to your loan provider or bank. At the end of thge assistance period, you will resume making your mortgage payment.
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.