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Aid Given to NC for Foreclosed Flipping Houses Lists Problems

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By : John Cutts    99 or more times read
In an effort to prevent the number of foreclosures and properties falling under flipping houses lists in North Carolina from expanding further, the state's Housing Finance Agency has launched its latest initiative meant to help homeowners who are unable to pay their loan mortgages due to loss of jobs and other temporary financial hardships.

Troubled homeowners facing the possibility of losing their homes to Fayetteville foreclosure listings and distressed property listings in some other parts of the state can get financial help from the state's Foreclosure Prevention Fund, a program supported by the Hardest Hit Fund initiative of the U.S. Department of the Treasury.

According to state officials, some of the areas with the highest number of foreclosed homes in North Carolina include Clay, Burke, Yancey, Swain, Cherokee, Mitchell, McDowell, Graham and Rutherford. These areas are considered most vulnerable to further increases in foreclosures, particularly because their unemployment rates are estimated to be over 11%.

Officials from the North Carolina Housing Finance Agency have estimated that around 21,000 unemployed homeowners can be prevented from losing their dwellings to foreclosures. They also stated that helping these troubled borrowers will prevent the number of homes falling under flipping houses lists and foreclosure lists from increasing further, which in turn can help stabilize values of homes in the state.

A foreclosure search in the region has shown that the number of distressed properties in the area has continued to rise, causing prices of homes to decline and the market to destabilize. Local officials are hoping that the initiative will help the unemployed in paying their monthly loan obligations until the time when they find another job.

The program is also designed to help those who have encountered financial difficulties that have been caused by circumstances beyond their control, like health problems, divorce and household emergencies. The program, officials have stated, is expected to run up to five years and will provide a zero-interest loan of as much as $24,000 good for two years of loan payments.

For counties with high unemployment rates and huge number of foreclosed properties under flipping houses lists, the financial aid will be a maximum of $36,000, enough to cover 36 months of loan payments. Borrowers can qualify if they have good loan payment histories prior to being unemployed.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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