More than 4,500 North Carolina homeowners are receiving assistance from a federally funded program designed to help homeowners avoid foreclosure.
The state's Housing Finance Agency last week provided an update on the N.C. Foreclosure Prevention Fund, which launched statewide in Dec. 2010.
North Carolina was one of five states that received money from a $600 million aid pool designed to prevent foreclosures in states plagued by high unemployment.
North Carolina initially received $115 million from the U.S. Department of the Treasury for the program, which is based on an existing state-funded effort that provides mortgage payment help.
The state has since received additional money from the department.
The money is provided as a zero-interest loan that is forgiven over 10 years as long as the owner continues to live in the home.
Before providing assistance, the N.C. Finance Agency looks at borrowers' mortgage payment history and whether their existing mortgage would be affordable if they found other employment.
The program allows eligible homeowners to receive up to $36,000 or 36 months of mortgage payments while they seek other employment or participate in job training programs.
The fund is adding about 500 new clients a month and is on pace to assist 21,000 homeowners over the next two to three years, the state Housing Finance Agency predicts.
To find out more about the program call 1-888-623-8631 or go to here.
The state Housing Finance Agency will also host a foreclosure prevention event at N.C. State's McKimmon Center in Raleigh on March 24 from 9 a.m. to 7 p.m.