The Mortgage Payment Program in NC Will Pay Your Mortgage If You're Unemployed

10:41 PM, May 18, 2012   |    comments
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Guilford County, NC--  If you or someone you know is unemployed or on the brink, there is a program that could help you keep your home.

News 2 discovered The Mortgage Payment Program that will pay your mortgage for up to two years if you're looking for work. The agency that runs this program locally admits, you've never heard of this program.

The Guilford County Homeownership Center says you don't know about this because there's not much marketing.

Chuck and Diana Marcus found out about it at a job fair. Both were laid off within months of each other. They thought they'd lose their home to foreclosure.

Chuck Marcus told News 2, "I was trying to keep up the payments, but it was getting to the point that I knew, the payments aren't going to be able to be made or else I wasn't going to be able to eat."

His wife, Diana Marcus added, "This happens, and we're like ok, are we going to lose this house that we worked so hard for?"

To qualify for The Mortgage Payment Program, you have to be unemployed and own a home with an active mortgage.

After a lengthy application process, that Chuck compared to applying for a mortgage, they found out they were approved about 30 days later. Another requirement during the program is to attend career readiness classes offered in downtown Greensboro.

Once you're approved, you can receive mortgage payments up to $24,000 or up to 24 months. Chuck and Diana Marcus were approved for 17 months. During this grace period, Chuck is looking for jobs and Diana is attending school. Both consider the program to be a lifesaver and a hidden gem.

"I think it's something that every person that's unemployed should know about, I think it will keep a lot of people out of foreclosure and make life a little bit easier through a tough time that you're going through," said Chuck.

Remember, it's not necessarily free money though. The loan is a 10 year, deferred, 0% interest, forgivable loan as long as the borrowers remain in the home.

To learn more about the Guilford County Homeownership Center and what programs and assistance they offer, click here. Guilford County Homeownership Center

WFMY News 2, Guilford County Homeownership Center

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