What HARP 2.0 can -- and can t

Government mortgage Refinance Program

refinancing second mortgage home paymentsThe NC Foreclosure Prevention Fund offers a Second Mortgage Refinance Program that helps currently employed North Carolina homeowners with paying their second home mortgages who, through no fault of their own, are financially unable to make their mortgage payment because of a prior job loss, reduced income, smaller paycheck or other program-eligible temporary financial hardship.

If you are at risk of foreclosure, the Second Mortgage Refinance Program may be able to help if you have experienced one of the following scenarios:

  • You are earning less than you have in the past, or
  • You faced a temporary financial hardship (for example, you lost income due to divorce, separation, serious illness, health problems or sickness, or death of a co-signer)
  • You've lost your job but are eligible for fixed income payments, (i.e., retirement, Social Security, disability, or veterans assistance (VA) benefits) that will enable you to continue paying your first mortgage.

You must have a good mortgage payment history prior to your recent income loss or financial hardship.

If you qualify, the Second Mortgage Refinance Program may help you reduce your monthly payments by refinancing your second mortgage. The program offers a zero-interest, deferred payment loan of up to $50, 000 plus all related fees to pay off your existing second mortgage.

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