A program established last year has enabled more than 2,500 North Carolina homeowners to avoid foreclosure and is working with thousands more, according to the N.C. Office of the Commissioner of Banks.
Most of the more than 5,000 additional homeowners that have contacted the State Home Foreclosure Prevention Project are still in the process of renegotiating the terms of their loans or taking other steps to avoid foreclosure, said Mark Pearce, chief deputy commissioner of banks.
Although the program can't help everybody, research has shown that about two out of three homeowners can avoid foreclosure by seeking the advice of a counselor, Pearce said.
"I think the fact that they have gotten 2,500 homeowners safe from foreclosure is remarkable," said Chris Kukla, senior counsel for government affairs at the Center for Responsible Lending in Durham. "It's one of the leading programs in the country dealing with this issue."
The State Home Foreclosure Prevention Project, announced last November, enables homeowners who are having trouble remaining current on their mortgages to call a toll-free number and receive counseling and legal advice through a network of government and nonprofit agencies. The number is 866-234-4857.
To read the complete article, visit www.newsobserver.com.