NOTICE: North Carolina Homeowners - Just Tell Your Lender Not To Foreclose

The North Carolina Commissioner Of Banks (NCCOB) announced last week new rules to help prevent foreclosures in North Carolina. These rules govern licensed mortgage servicers and will go into effect on June 1, 2010.

The new rules are to aid homeowners that are trying to work out other payment options, loan modifications, etc. with their lenders but finding that they don't have enough time to get these actions done before a foreclosure auction date. This is in response to many homeowners losing their homes WHILE they are working with their lenders. The foreclosure process presses on (120 days in NC) and the homeowner never gets an answer promptly on new terms for their loans.

The 2 main points of this new rule are:

1.) The mortgage servicer is required to stop foreclosure efforts pending the request from a homeowner to do so under Rule 703

2.) Requires a homeowner to reply promptly and clearly to homeowner requests under Rule 702 T-he entire press release is at this link

Michael Moulton of Bee Home Solutions, Inc. educates and helps homeowners in the Greater Charlotte North Carolina area to avoid foreclosure with their number of -strategies. There are a number of educational videos at the Charlotte Foreclosure Challenges website. Feel free to call the office for assistance at 704-885-0488.