Foreclosure prevention has helped some NC homeowners

Governor Perdue said the State Home Foreclosure Prevention Project has helped more than 1,000 North Carolina homeowners avoid foreclosure.

The General Assembly enacted the emergency program last November to reduce foreclosures on sub prime loans.

The program requires mortgage companies to file notices with the state in advance of foreclosure on sub prime loans and authorizes the commissioner of banks to delay a foreclosure filing by 30 days.

The economic impact of the program to date is estimated at $86 million.