Skip to Content

Get Your FREE Consultation


North Carolina Enacts Important Foreclosure Assistance Legislation

September 25, 2009

A very important piece of consumer protection legislation was recently passed by the North Carolina Legislature and signed into law by Governor Bev Perdue. The Consumer Economic Protection Act of 2009 provides important protections for homeowners dealing with delinquent mortgage payments and foreclosure threats. The protections provide for a lower appeal bond and for steps aimed at encouraging efforts to resolve mortgage delinquencies prior to foreclosure.

The new legislation sets the appeal bond in foreclosure cases at 1% of the outstanding principal and provides that the bond can be lowered if the borrower can demonstrate undue hardship or other good cause. The foreclosure protections also require that the clerk inquire as to what efforts have been made to resolve a delinquency and provide that the clerk shall continue the foreclosure hearing if good cause exists to believe that additional time or additional measures may resolve the delinquency without foreclosure.

These foreclosure protections are aimed at encouraging loan modifications, forbearance, and other foreclosure resolution plans to help stem the tide of costly foreclosures. This legislation should help homeowners, many of whom have fallen on hard times during the recent economic downturn, to stay in their homes if they can demonstrate a solid plan to get their mortgage current and to continue making required mortgage payments. The Act encourages lenders and loan servicers to work with borrowers on payment terms that help homeowners stay in their homes. At the same time, the legislation ensures that lenders remain protected, while they work with their borrowers. The Act should help credit-worthy borrowers remain in their homes, while helping lenders avoid costly foreclosures and accumulating a mass of non-income producing foreclosed homes.

No Win, No Fee

Review Us

Martin & Jones, PLLC logo

“We would like to express our gratitude to you (Hunt Willis) for accepting our case. First of all, when I called this law firm, a very sweet and kind lady answered the telephone and gave me assurance by asking and going over the accident with me, while my husband was in the hospital. I felt assured I was doing the right thing for us. She was so helpful in so many ways. What a professional lady. Secondly, we are much pleased that you have settled this case with the insurance company to receive the proper amount to assist us in so many ways. My husband and I are very happy with you and the firm in handling our case. You made us have confidence in your professional and integrity along with your assistant Ms. Routh, when you both came to see us in our home, in which we saw your compassion and thoughtfulness at that time. We will never forget what you have done for us, and we thank the lord for directing me to contact this firm. I’m glad I did.” 

Contact Our North Carolina Personal Injury Law Firm

for a Consultation for Your Accident or Medical Malpractice Claim

Call us at 800-662-1234
No Win, No Fee

The law firm you choose makes a difference. If you are the victim of an accident or an illness that someone else caused, the North Carolina personal injury law firm of Martin & Jones has the depth of experience, skills and sensitivity to make your road to recovery as smooth as possible. Whether you have experience with the legal system or have never hired a medical malpractice or personal injury lawyer before, our attorneys and staff will do our best to answer your questions, provide clear advice and prepare you and your family for what to expect. If you would like more information or to meet with one of our attorneys, please fill out the form below or call us at 800.662.1234.