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Avoid Foreclosure

Update: 4/16/20

Are You Confused About How Forbearances Work and Not Sure How to go About Requesting One?

Check out this handout we created called: Forbearance: What to Know and What to Ask Your Lender.


Update: 3/27/20

COVID-19 Foreclosure Updates:

  • Effective March 18, 2020, Fannie Mae, Freddie Mac, HUD, USDA, FHA & VA have announced that all foreclosures on loans that they backed are on moratorium (on hold) for 60 days. Additionally, they are providing forbearance's to borrowers impacted by the coronavirus. Forbearance could allow for a mortgage payment to be suspended for up to 12 months.
  • Effective March 13, 2020, Buncombe County and likely other counties: foreclosure hearings are being automatically continued for 30 days and another continuance will probably take place.
  • We imagine many more measures like this will be put in place in the coming weeks and months. 

If you are worried about becoming late on your mortgage, or are behind in your mortgage, but not yet in foreclosure (have received a 45 Day Notice or Notice of Intent from your mortgage company): 

  • What to do next: First, go to your mortgage servicer’s website to see what programs are currently available, their response to COVID-19, and what number to call for options specific to the COVID-19 crisis. If you don’t see this information, call your servicer’s phone number located on your monthly loan statement. Use this log to record all interactions with your servicer.

If you are in foreclosure (you will have received a Notice of Hearing, been contacted by the legal department of your mortgage servicer, or have received paperwork from an attorney.)

In North Carolina a mortgage company CANNOT BEGIN a foreclosure procedure on a homeowner until they become 120 days (or four months) late on the mortgage.  Mortgage companies send what is called a 45 Day Notice, Notice of Acceleration, Demand letter, or Notice of Intent when homeowners get 1.5 months behind on the mortgage. The purpose is to get people to think they need to get caught up. This letter can be quite frightening as it appears that they are telling you that you can only pay the full amount needed to reinstate. That is what the mortgage company would like, but it is not what you often have to pay.  Here’s what you can do:

  • Overall, stay as close to caught up as you can based on what is realistic in your budget.
  • If/when you can, make ONE FULL payment.
  • If you can make ONE FULL payment every month great, you get no further behind.
  • If you can make one full payment every two months, it still will take you quite a while to become 120 days (or four months) past due, which is when the foreclosure procedure can legally begin.
  • Use this log to record all interactions with your servicer.

To stay up to date on agency services and local resources, join our enews mailing list.  You can do so here.


In situations where your home is at risk, the sooner you contact us the better! The sooner you call, the more options you will have to deal with your situation.

Our foreclosure prevention counseling can help clients who:

  • Are in danger of becoming late on their mortgage payment;
  • Have concerns about making ends meet and continuing to make their payment in the future;
  • Have a delinquent mortgage; or
  • Have a mortgage in default, or in foreclosure.

The first step is to call our office at 255-5166 or 1-800-737-5485 to schedule an in-person or telephone appointment with one of our certified financial counselors. We will mail (or email) an information packet that you will need to complete and bring with you to your appointment.

During the appointment, your certified financial/housing counselor will evaluate your current financial situation, your loan, and the amount in delinquency. After gathering the necessary information, your counselor will work with you and your lender to find realistic options for you that are acceptable to your lender. Possible solutions include: a loan modification, home refinance, or a forbearance agreement. When needed, our counselors will personally contact the mortgage lender to help create an affordable payment plan.

Ready for assistance? Call 828-255-5166 or click here to get started.


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