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North Carolina Housing Finance Agency Mary Holder.

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Presentation on theme: "North Carolina Housing Finance Agency Mary Holder."— Presentation transcript:

1 North Carolina Housing Finance Agency Mary Holder

2 Reduce foreclosures 2 Establish partnerships among housing counselors, legal aid, mortgage servicers and community organizations

3  Initially established in October 2008, “Emergency Program to Reduce Home Foreclosures” (H.2623; S.L. 2008-226)  Temporary Two-Year Program (November 2008 thru October 2010)  Applied to only “Subprime” loans originated between 2005 and 2007 3

4  Act to Amend and Extend the Emergency Program to Reduce Foreclosures, (S 1216; S.L. 2010-168)  Extends SHFPP to May 31, 2013  Beginning November 1, 2010, scope expanded to cover all “home loans”  Establishes State Home Foreclosure Prevention Trust Fund ◦ One-time filing fee of $75 ◦ Used toward admin costs, counseling and legal services 4

5  House Bill 484 / S.L. 2011-288 to transfer the Emergency Program to Reduce Foreclosures to NCHFA passed in June 2011and became effective July 1, 2011  Direct administration of the program and staffing transitioned to NCHFA  NCCOB retained administration of the pre foreclosure filings database, servicing invoicing and the Commissioner retained authority to grant 30 day extensions  The basic funding allocations for administrative costs, counseling services and legal services remain unchanged in the legislation 5

6  Servicers required to send a pre-foreclosure notice to homeowners at least 45 days prior to filing foreclosure proceeding  Servicers must file notice electronically with NC Court System (NCCOB database) within 3 days of mailing the letter to the homeowner  Extension of pre-foreclosure period by 30 days if further efforts give reasonable prospect to avoid foreclosure (homeowner working with counselor)  Compliance with pre-foreclosure notice and filing periods is evidenced by printed “Home Loan Certificate” presented at the foreclosure proceedings 6

7  Help reduce unnecessary foreclosures by facilitating communication between homeowners, servicers and housing counselors prior to the filing of the foreclosure  Promote mutually beneficial resolutions for homeowners and investors, but must not interfere with contracts or impose solutions  Provide North Carolina homeowners with free resources such as housing counseling and legal services as they work with servicers on alternatives to foreclosure 7

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9  The agency sends a “FC Help Letter” to homeowners with notice of the availability of free housing counseling  Homeowners call the statewide toll- free number and are connected to counseling partners by the SHFPP call center  Network of 37 counseling partners provide face to face and telephone counseling sessions  SHFPP staff assist counselors and homeowners in facilitating communication with servicers 9

10  Servicers have submitted 94,000 initial home loan filings  Counseling partners have conducted 12,000 foreclosure prevention counseling sessions with homeowners  Nearly 2,000 foreclosures prevented and 7,500 since the program was established in 2008  Statutory 30 Day Extensions were granted on 1,500 cases and 4,000 since the program was established in 2008 10

11  The program continues to be an effective resource in the fight to reduce foreclosures in North Carolina  We will continue to enhance the program to serve the needs of all program partners keeping in mind the overall objective (foreclosure reductions) 11

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