Thursday, August 12, 2010

More money for jobless homeowners

Posted By on Thu, Aug 12, 2010 at 11:38 AM

But, for some reason, the state won't even begin dispersing it through a pilot program until October and the program really won't get going until December. That super-sucks. Hang in there folks. Help is coming, if it doesn't get strangled by red tape first.

North Carolina's high unemployment rate has enabled the state to snare an additional $121 million to help homeowners who are struggling to keep up with their mortgage payments.

The federal funding announced Wednesday comes on top of the $159 million in federal aid approved for the state last week. In both cases, North Carolina received the allocation because its unemployment rate is above the national average. The state unemployment rate was 10 percent in June.

The new funding will be used to provide as much as 36 months of assistance to help unemployed homeowners avoid foreclosure.

The assistance is designed for people who were making their mortgage payments before they lost their jobs. "So these are responsible homeowners," Kucab said.

The two rounds of funding are expected to help an estimated 11,150 unemployed homeowners over the next three years. The first round of funding also will be used to help an estimated 1,450 homeowners refinance a high-cost second mortgage or modify a home loan.

The assistance program, which the Housing Finance Agency will administer, won't begin operating statewide until December. A pilot program that will operate in 17 counties is scheduled for October.

Read the entire News & Observer article, by David Ranii, here.

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