In today’s economy, you more than likely know someone or have heard of someone in the Triangle area who fears home needs help to stop foreclosure. A new rule in North Carolina, set to go into place on June 1st, 2010, is designed to help those facing foreclosure. The rule will prevent mortgage services from foreclosing on a homeowner until all requests for assistance have been pursued.
At this time, even if homeowners are in the process of trying to modify delinquent loans, mortgage service companies are allowed to continue to advance foreclosure proceedings. Due to the large number of homeowners seeking assistance, it has been difficult for some servicers to offer help in a timely manner. This has resulted in many individuals losing their homes, which could potentially be avoided under this new ruling. The new rule will halt or slow down foreclsoures if the homeowner is trying to get help.
A second rule set to take effect will set a time line for communication between a delinquent homeowner and the mortgage lender. Services cannot take their time in processing foreclosure. These rules were proposed by the North Carolina Office of the Commissioner of Banks (NCCOB), and were given the go-ahead by the state’s Rules Review Commission on April 16th.
Since 2008, North Carolina’s efforts to stop foreclosures through the NCCOB has helped over 4,000 homeowners avoid foreclosure and provided counseling to over 10,000additional homeowners.
For a great selection of homes in the Raleigh, Cary, Wake Forest area, check out my Triangle website and meet Team Marti. Let us guide you through the home buying process, and assist you in selling your previous home as well.