N.C. Senator Ellie Kinnaird's Newsletter

April 13, 2010 Newsletter

Dear Friends,

Ellie Kinnaird

Greetings from the North Carolina Senate,

Too many people in Person and Orange Counties are having trouble paying their mortgage or are already coping with foreclosure action. My colleagues and I have worked 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 our most valuable asset, and I wanted 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 keep laid-off workers 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 which prey upon vulnerable 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 LOWERING YOUR PAYMENTS

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 don’t hesitate to let me know your thoughts on these initiatives or any other issue you feel is important. Thank you for the opportunity to serve you in the Senate.

Paid for by Ellie Kinnaird for Senate • PO Box 668, Carrboro, NC 27510 • 919-929-1607 •