State News

Mortgage help coming to struggling N.C. homeowners

Posted July 17, 2008 11:08 a.m. EDT
Updated July 17, 2008 1:40 p.m. EDT

— Subprime mortgage holders at risk of losing their homes should soon have an ally in the North Carolina banking commissioner.

Lawmakers voted Thursday to create an emergency program designed to reduce the 60,000 foreclosure proceedings projected to begin this year in North Carolina.

The bill is headed to Gov. Mike Easley after the House unanimously approved minor changes to a version passed in the Senate. Easley has endorsed the idea and is expected to sign it into law. The program should be running by November.

The program requires lenders to give homeowners 45 days notice before starting foreclosure proceedings. The banking commissioner will examine the loan's terms and try to work out a deal to save the home.