By Michelle Bliss
08-05-10 – The U.S. Treasury Department announced this week that North Carolina will receive $159 million in federal funding to save homes from foreclosure.
The money will allow the North Carolina Housing Finance Agency to save more than 7,000 homes owned by residents who have lost their jobs or suffered financial hardship. Most of the funds will be used to make mortgage payments that cover principal, interest, taxes, and insurance for residents who are searching for work or pursuing additional training and education.
Bob Kucab, the executive director for the North Carolina Housing Finance Agency, says everyone across the state will benefit.
"It's great news for responsible home owners who have lost jobs and are struggling to make their mortgage payments and we think it's also great news for neighborhoods across the state that are threatened with a decline in property values because of the impact of foreclosures."
Since January, there have been 951 new foreclosures in New Hanover County. That's a 65% leap from 2009.