July 30, 2021

North Carolina HUD Foreclosure Avoidance Programs

Should your financial situation change due to the loss of employment, a divorce, extreme medical expenses, an increase in taxes, an increase in mortgage or other reasons, you may wish to take advantage of the foreclosure avoidance services that North Carolina HUD provides. Examples of these services are:

North Carolina HUD Foreclosure Avoidance Programs

• Repayment Plans: This option is generally best for those who are only behind a few payments and are prepared for an increase in their current payment. With this program, Lenders allow you to repay the amount you owe by increasing your regular monthly payment. This amount will include late fees and must be paid back by an agreed upon date.

• Loan Modifications Agreements: In this program, your lender agrees to modify your existing mortgage to make your monthly payments more affordable. This modification could include a reduction in your interest rate, a reduction in your principal, or an extension to your loan’s term. Note that there may be fees that apply to such modifications.

• Forbearance Agreements: This type of assistance allows for the temporary suspension of your mortgage payments with the understanding that you will have to pay the unpaid amount at a later date.

• Short Sale: This arrangement will not allow you to retain your home, however, it can help you pay off your mortgage and prevent you from destroying your credit. A short sale is facilitated in one of two ways: 1) your lender is allowed to accept the title to your home in exchange for canceling the remainder of your debt; 2) you are allowed to sell your home with the knowledge that you will be forgiven any shortfall between the sale price and the balance of your mortgage.

For general information on HUD programs to help you avoid foreclosure in North Carolina, please visit http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure.

For specific North Carolina foreclosure help resources, visit: http://www.hud.gov/local/nc/homeownership/foreclosure.cfm .

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To return to the main North Carolina HUD Housing Guide page, click here: North Carolina HUD Housing Guide

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