NC Foreclosure Prevention Fund for struggling homeowners receives $224 million

The North Carolina Foreclosure Prevention Fund received $224 million in funding from the U.S. Department of the Treasury last week to aid homeowners struggling to pay their mortgages. (Source: NC Housing Finance Agency)

The North Carolina Foreclosure Prevention Fund received $224 million in funding from the U.S. Department of the Treasury last week to aid homeowners struggling to pay their mortgages. (Source: NC Housing Finance Agency)

RALEIGH, NC (WECT) –

The North Carolina Foreclosure Prevention Fund received $224 million in funding from the U.S. Department of the Treasury last week to aid homeowners struggling to pay their mortgages.

According to the NC Housing Finance Agency, the money came from the Treasury Department’s Hardest Hit Fund, which is available to states that experienced high unemployment or a steep decline in property values.

The Foreclosure Prevention Fund was launched in 2010 and to help homeowners struggling due to job loss, reduction in income or other temporary hardships and expanded in 2013 to assist returning veterans transitioning to civilian jobs.

“This additional funding from the U.S. Department of the Treasury is a testament to just how successful this program has been in the state,” said A. Robert Kucab, executive director of the N.C. Housing Finance Agency. “So far, we have helped nearly 22,000 North Carolina homeowners keep their homes, and with this additional funding, we expect to help thousands more and to continue our special outreach to returning veterans.”

Mortgage payment assistance is provided in the form of zero-interest, deferred loans of up to $36,000.

via http://www.foxwilmington.com/story/31808219/nc-foreclosure-prevention-fund-for-struggling-homeowners-receives-224-million