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What You need to Know About Foreclosures

Foreclosures are on the rise, but there are steps you can take to prevent losing your home.

What is foreclosure?

When a homeowner doesn't make the mortgage payments over a period of time, the lender can begin a legal process to take possession of or sell the home to recover money owed on the defaulted loan.

What steps can I take to prevent foreclosure?

picket fence If you are unable to make your mortgage payment, contact your lender to discuss your options. Options are available. Learn more by researching the process (Helpful Links are below). If you have requested a modification, other workout plan, or are in a trial modification with your servicer, please confirm that your servicer has received all of the documentation required. If you are missing documents, please submit them as quickly as possible. Homeowners who miss deadlines may lose their eligibility.

Who should I call for advice?

HOME FORECLOSURE PREVENTION PROJECT (1-866-234-4857): The State Home Foreclosure Prevention Project (SHFPP) is an active partnership of specific HUD-approved housing counseling agencies, legal assistance organizations, mortgage servicers and community organizations that use targeted outreach and state-led case management to provide homeowners with the assistance they need to avoid foreclosure. The free program is available to any NC homeowner needing assistance. Services are available over the phone or in face to face settings. More information is available at www.fightncforeclosure.org.

MAKING HOME AFFORDABLE: President Obama’s Making Home Affordable program is a comprehensive strategy to get the housing market back on track. Visit this website to find out if you are eligible to refinance or modify your loan to a more affordable payment. If you need help with forms or have questions about documentation requirements, you can call 888‐995‐HOPE(4673) and ask for “MHA Help.” HUD-approved housing counselors may also help you request a modification or gather documentation for this program.

LEGAL ASSISTANCE: In the event you receive foreclosure papers, you may wish to contact an attorney. Free legal services may be available to you. The following organizations may be able to help:



NC map for foreclosure starts per county and the counseling agencies in your county.

Foreclosure Complaints

If you are facing foreclosure, we recommend you call toll free 1-866-234-4857. However, if you have a foreclosure related complaint against a mortgage lender/broker or loan officer, you may also file an online complaint with the N.C. Office of the Commissioner of Banks at https://www.nccob.org/online/cts/complaintonline.aspx. Complaints against a mortgage lender/broker or loan officer that are not foreclosure related may be filed at http://www.nccob.org/NCCOB/ConsumerAssistance/ComplaintInfo/filingcomplaint.htm.

Helpful Links