NC Foreclosure Help – 5 Frequently Asked Questions 

 November 16, 2010

By  Nancy Braun

The following are 5 Frequently Asked Questions provided by the State of North Carolina:

1. What is the State Home Foreclosure Prevention Project?
The State Home Foreclosure Prevention Project (SHFPP) is an active partnership of state and federal agencies, HUD-approved housing counselors, legal assistance organizations, mortgage servicers and community organizations that use targeted outreach and state-led case management to provide homeowners with the assistance they need to avoid foreclosure. The free program is available to any NC homeowner who needs assistance. Services are available over the phone or in face-to-face settings.

2. What is foreclosure and when does foreclosure begin?
Foreclosure is the legal process lenders must follow to take possession of the home. It is a process that begins when mortgage payments have not been made according to the terms of the Promissory Note and Deed of Trust. Most lenders begin the foreclosure process when payments are at least three months late; however, the process can begin sooner. Foreclosure Timeline.

3. If my mortgage is not three months late, should I still reach out for help?
Yes. If you have not made regular and full payments according to the terms of your loan, seek assistance early to obtain help in avoiding foreclosure. Do not ignore the problem or delay seeking assistance. Waiting will only worsen the situation. See Foreclosure Timeline.

4. If someone claims they can stop my foreclosure if I sign a document naming them as my representative, should I let them help me?
You should never sign any document without reading and understanding it in full. Learn as much about the representative and the company before you sign anything. Most importantly, seek the advice of your personal attorney or foreclosure counselor immediately or call the N.C. Office of the Commissioner of Banks office at (888) 384-3811.

5. A company has contacted me and said that they can help me avoid foreclosure if I pay them. Should I pay them?
No. It is illegal in North Carolina for any company to charge you upfront fees for foreclosure prevention services. Scams can be reported to the Attorney General at File Complaint or by calling 1-877-5-NO-SCAM. Additional tips are available at Tips.

For more FAQ’s about NC Foreclosure Help, click here.

To speak with a certified agent that specializes in assisting with the foreclosure process and is a part of a HUD Registered Firm, click here.

Nancy Braun

Call me, Nancy Braun, at (704) 997-3794. Let’s talk about your needs and wants in a home.

Nancy Braun

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