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Facing Foreclosure

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Foreclosure Help

If you are facing foreclosure, it’s important to know what steps to take and what resources are available to help you.

Steps to Take

• Talk with your lender.  When homes go into foreclosure, lenders lose money. They can sometimes offer ways to help you. 
• Contact a counseling agency.  A counselor can explain the law and your options, and help you review your budget.  (See Free State Resources below for local housing counseling agencies.)
• Open all mail from your lender. The notices may offer good information to help you avoid foreclosure, or may notify you of pending legal action.  
• Avoid companies that offer help for a fee. You don’t need to pay for help.
• Beware of scams.  If someone claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may be signing over the title to your property.
• Contact the Office of the Commissioner of Banks at 888-384-381 if you believe you have been the victim of predatory lending. 

Free State Resources
North Carolina has free resources to help you. If you are in danger of losing your home because of a job loss, the N.C. Housing Finance Agency administers the Home Protection Program which may be able to provide a bridge loan. Participating local agencies will help determine if you are eligible and if so, help you apply, and can also help secure a 120-day stay-of-foreclosure while your application is being reviewed.

If you are behind on your mortgage payments for reasons other than a job loss, you can get free housing counseling thanks to federal funds North Carolina has received from the National Foreclosure Mitigation Counseling Programs. Contact a participating counseling agency to help assess your situation and work with your lender on a possible repayment plan or loan modification.

The Office of the Commissioner of Banks reviews sub-prime loans that closed in 2005, 2006 and 2007. They connect homeowners facing foreclosure with local counselors that may be able to help you renegotiate the terms of your loan or get legal assistance. Contact the Office of the Commissioner of Banks (NCCOB) consumer hotline at 888-384-3811.

Learn more about North Carolina's free resources to help homeowners who are facing foreclosure.

Federal Assistance
You may find help at the Hope Hotline (888-995-HOPE), a toll-free service that will connect you with a housing counselor. More information about the hotline and steps that can be taken to avoid foreclosure can be found at The Homeownership Preservation Foundation and NCForeclosureHelp.

The federal government's HOPE for Homeowners Program enables certain borrowers who are struggling with their mortgage payments to refinance into a much more affordable FHA-Insured mortgage.
Tips for avoiding foreclosure are also available from the U.S. Department of Housing and Urban Development.