Home Research State Home Foreclosure
Prevention Project

Public Service Announcement

The State Home Foreclosure Prevention Project (SHFPP) was created by recent emergency legislation signed into law by Governor Easley on August 17, 2008. The SHFPP is a partnership, led by the Commissioner of Banks, to reduce subprime foreclosures in North Carolina. The partners include housing counselors, legal assistance organizations, mortgage servicers and community organizations.

A homeowner facing foreclosure on a subprime loan made between January 1, 2005 and December 31, 2007 should receive a letter from their mortgage servicer 45 days prior to foreclosure with information on resources available to assist the homeowner in avoiding foreclosure.

The homeowner also should receive a letter from the state, urging them to fight to keep their home, by calling a toll free number for free assistance. This assistance will involve counseling and connection to other resources that may be able to assist the homeowner.

We urge homeowners to not wait until their home is in danger of foreclosure to get help. Homeowners who do not have a subprime loan but are in need of assistance may contact a local housing counselor at: http://www.ncforeclosurehelp.org/NCCountyMap.aspx. In addition, homeowners may call the national HOPE Hotline at 888-995-HOPE.