Bank Owned Foreclosure Prevention Project a Success

<h1>Bank Owned Foreclosure Prevention Project a Success</h1>Author: <a title="JosephSmith Jr." href="http://www.articlesbase.com/authors/josephsmith-jr./167477.htm">JosephSmith Jr.</a> About 1,000 homeowners in North Carolina were able to avoid losing their homes to foreclosure. Thanks to the State Home Foreclosure Prevention Project. The bank owned foreclosure project, popularly known as NC Foreclosure Project, was established in November 2008 for the sole purpose of helping North Carolina residents remain in their properties and avoid foreclosures. Governor Bev Perdue said that the foreclosure prevention program is important to many families in the state as it continues to exhaust all possible means to help troubled homeowners remain in their properties. The emergency program was enacted by the General Assembly to reduce bank owned foreclosures on subprime mortgages. The General Assembly directed the North Carolina Office of the Commissioner of Banks (NCCOB) to set up the foreclosure prevention program. Under the program, all mortgage companies operating in North Carolina are required to file notices in advance of repossession on subprime loans. It also gave authority to the NCCOB to implement a 1-month delay in foreclosure filing if there is a chance that the repossession could be prevented. Deputy Commissioner of Banks Mark Pearce said that the success of the state’s foreclosure prevention program only indicated that foreclosures are controllable if there is coordination among homeowners, counselors, lenders and the state. Pearce added that preventing the spread of unnecessary foreclosures during this turbulent economic period will greatly benefit homeowners and stabilize home market values for strengthening of neighborhoods across North Carolina. The NCCOB, in coordination with non profit servicers, state agencies and mortgage companies, has set up a program of early notification for troubled homeowners in danger of losing their homes to foreclosure. The program also provided homeowners with easy access to existing network of more than 150 certified mortgage and housing counselors in the state. Furthermore, the foreclosure prevention program provided a chance for homeowners who took out subprime mortgages to have the loans reviewed by volunteers trained by NCCOB to check on any potential violation of the law. The NCCOB-trained volunteers are helping the agency identify predatory lenders and refer them to public and private enforcements. Meanwhile, homeowners may also avail of the services of a network of legal providers. These legal service providers are referred by housing counselors to review foreclosure defense or loans. So far, the bank owned foreclosure prevention program has helped more than 3,000 distressed homeowners connect with housing counseling agencies.About the Author: Joseph Smith has been educating buyers on the finer points of <a href="http://www.bankforeclosuressale.com/list/north-carolina.html target">North Carolinas bank owned foreclosure</a> at BankForeclosuresSale.com for over five years. Read information on finding <a href="http://www.bankforeclosuressale.com/bank-owned-homes.php" target="_blank">Bank Owned Foreclosures</a>Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/real-estate-articles/bank-owned-foreclosure-prevention-project-a-success-995720.html" title="Bank Owned Foreclosure Prevention Project a Success">Bank Owned Foreclosure Prevention Project a Success</a>

About 1,000 homeowners in North Carolina were able to avoid losing their homes to foreclosure. Thanks to the State Home Foreclosure Prevention Project.

The bank owned foreclosure project, popularly known as NC Foreclosure Project, was established in November 2008 for the sole purpose of helping North Carolina residents remain in their properties and avoid foreclosures.

Governor Bev Perdue said that the foreclosure prevention program is important to many families in the state as it continues to exhaust all possible means to help troubled homeowners remain in their properties.

The emergency program was enacted by the General Assembly to reduce bank owned foreclosures on subprime mortgages. The General Assembly directed the North Carolina Office of the Commissioner of Banks (NCCOB) to set up the foreclosure prevention program.

Under the program, all mortgage companies operating in North Carolina are required to file notices in advance of repossession on subprime loans. It also gave authority to the NCCOB to implement a 1-month delay in foreclosure filing if there is a chance that the repossession could be prevented.

Deputy Commissioner of Banks Mark Pearce said that the success of the state’s foreclosure prevention program only indicated that foreclosures are controllable if there is coordination among homeowners, counselors, lenders and the state.

Pearce added that preventing the spread of unnecessary foreclosures during this turbulent economic period will greatly benefit homeowners and stabilize home market values for strengthening of neighborhoods across North Carolina.

The NCCOB, in coordination with non profit servicers, state agencies and mortgage companies, has set up a program of early notification for troubled homeowners in danger of losing their homes to foreclosure.

The program also provided homeowners with easy access to existing network of more than 150 certified mortgage and housing counselors in the state. Furthermore, the foreclosure prevention program provided a chance for homeowners who took out subprime mortgages to have the loans reviewed by volunteers trained by NCCOB to check on any potential violation of the law.

The NCCOB-trained volunteers are helping the agency identify predatory lenders and refer them to public and private enforcements.

Meanwhile, homeowners may also avail of the services of a network of legal providers. These legal service providers are referred by housing counselors to review foreclosure defense or loans.

So far, the bank owned foreclosure prevention program has helped more than 3,000 distressed homeowners connect with housing counseling agencies.

Joseph Smith has been educating buyers on the finer points of North Carolinas bank owned foreclosure at BankForeclosuresSale.com for over five years. Read information on finding Bank Owned Foreclosures

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