MESSAGE FROM MARGARET

Dear Friends:

The short session of the North Carolina General Assembly will convene on Wednesday, May 12, 2010, at noon.  Budget discussions are underway among legislators and representatives of the Governor’s office, and we expect to hit the ground running in just a few weeks.

In the meantime, North Carolinians continue to wrestle with the fallout from our national economic climate. Too many people in Cumberland and Bladen Counties and across North Carolina are having trouble paying their mortgages or are already coping with foreclosure actions. My colleagues and I continue to work to create programs and enact laws that help protect homeowners during these tough times and prevent predatory lending practices.  For most of us, our home is not only our shelter and our refuge but also our most valuable financial asset, and I want to share with you these resources that could help you or someone you know:

HELPING HOMEOWNERS FACING FORECLOSURE

The budget we passed last year protects funding for the Home Protection Program which helps laid-off workers keep from losing their homes. Those eligible can qualify for a loan to pay the mortgage while they look for a job or train for a new one, and receive counseling to help them understand options and plan the next step. The North Carolina Housing Finance Agency oversees the Home Protection Program: http://www.nchfa.com/homebuyers/HOhomeprotectionpilot.aspx

The state Office of the Commissioner of Banks continues to offer a free program to help homeowners avoid foreclosure. People seeking help can call 1-866-234-4857 to be connected with a HUD-approved counseling agency that can help you over the phone or provide face-to-face counseling.

I also supported $10 million in funds for the Housing Trust Fund, which provides housing and housing assistance for those most in need, such as homeless persons, individuals with physical and/or developmental disabilities, survivors of domestic violence, and the elderly.

Unfortunately, there are many scams out there preying upon homeowners facing foreclosure.  I have supported new laws to crack down on these crooks.  Call the Attorney General’s hotline to report any scams: 1-877-5-NO-SCAM.

Visit this website for more information on foreclosure assistance: www.fightNCforeclosure.org

REFINANCE AND LOWER YOUR PAYMENT

At the federal government level, the Making Home Affordable initiative can help homeowners take advantage of today’s lower interest rates, even if you are not facing foreclosure.  It includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable.  Many banks and mortgage-holders can provide information; you may visit this website, which includes an online tool to see if you are among the 7 to 9 million Americans eligible:

http://www.makinghomeaffordable.gov/

or call 1-888-995-HOPE

Please do not hesitate to let me know your thoughts on these initiatives or any other issue you feel is important.  My assistant, Brenda Lee, and I welcome your input—our door is always open.