It is a common observation that people often mortgage their belongings for better future prospects or other issues. But sometimes unexpected illness or death in the family makes hard for the members to keep up with the mortgage installments. Subsequently with time the bank interest rates get increased to a level that the homeowners gets severely distressed about repayment. Foreclosures hurt families, communities and even the entire economy. To compensate such victims the government had setup a prevention fund to help the poor during foreclosures. These funds are a part of settlement done with leading mortgaging companies to relief struggling house owners and prohibit past foreclosures.
The NC foreclosure prevention fund is set up to help the victims settled in North Carolina State. The fund can be utilized to compensate homeowners who have been illegally foreclosed on by banks and other lending services providers. Additionally these funds are aimed in stabilizing the housing industries by removing the freeze done during foreclosures. These funds are aimed to clear court cases and provide legal assistance to house owners over foreclosures.
This fund had also attracted lot of scams and cheats which pretend to help you. You need to take care about certain guidelines before committing towards any assistance.
Do not go for rescue companies that ask for a payment before they help you. It is illegal to charge a fee upfront for foreclosure assistance in North Carolina.
Beware of companies that tell you to make your mortgage payment to them and do let you talk to the mortgaging company or your attorney.
Steer clear of property brokers that offer payment of mortgage if you sign the deal agreement. These people generally do not pay and rents your place to other tenants.
Stay vigilant and alert and do not go in by the pressure created to sign the paperwork. Always read the deed carefully and understand all the clauses before making the final call.
If you get behind on your payments, contact the bank or the lender immediately. They can offer some modifications in the loan to assist you, as foreclosing also leads to heavy losses for the bank too.
To prevent yourself from such scams you can go for consolidated credit counseling service which helps you with your debts and advice you on the management of your finances.
The author is an expert on foreclosure prevention fund in NC and had served companies that offer consolidated credit counseling services.