North Carolina § 45-105 - Extension of foreclosure process.

§ 45-105. Extension of foreclosure process.

The Housing Finance Agency shall review information provided in the database created by G.S. 45-103 to determine which home loans are appropriate for efforts to avoid foreclosure. If the Housing Finance Agency reasonably believes, based on a full review of the loan information, the mortgage servicer's loss mitigation efforts, the borrower's capacity and interest in staying in the home, and other appropriate factors, that further efforts by the State Home Foreclosure Prevention Project offer a reasonable prospect to avoid foreclosure on primary residences, the Executive Director of the Housing Finance Agency shall have the authority to extend one time under this Article the allowable filing date for any foreclosure proceeding on a primary residence by up to 30 days beyond the earliest filing date established by the pre-foreclosure notice. If the Executive Director of the Housing Finance Agency makes the determination that a loan is subject to this section, the Housing Finance Agency shall notify the borrower, mortgage servicer, and the Administrative Office of the Courts. History (2008-226, s. 1; 2010-168, ss. 1, 9; 2011-288, s. 4; 2012-79, s. 2.17(d), (g).) Editor's Note. - Session Laws 2008-226, s. 6, as amended by Session Laws 2010-168, s. 9, and Session Laws 2012-79, s. 2.17(g), made this section effective November 1, 2008. Session Laws 2012-79, s. 2.17(g), deleted the sunset provision and thus this Article will not expire May 31, 2013. Session Laws 2012-79, s. 2.17(h) provides: "This section becomes effective December 1, 2012. The North Carolina Housing Finance Agency shall assume the responsibilities designated in this section for operation of the State Home Foreclosure Prevention Project no later than December 31, 2012." Effect of Amendments. - Session Laws 2010-168, s. 1, effective November 1, 2010, in the first sentence, substituted "home loans" for "subprime loans," and added the last sentence. Session Laws 2011-288, s. 4, effective July 1, 2011, inserted "upon referral from the Housing Finance Agency" in the first sentence. Session Laws 2012-79, s. 2.17(d), effective December 1, 2012, deleted "Commissioner of Banks upon referral from the" preceding "Housing Finance Agency" in the first sentence, substituted "Housing Finance Agency" for "Commissioner" and "Executive Director of the Housing Finance Agency" for "Commissioner" in the second and third sentences, and deleted the former fourth sentence, which read: "If the mortgage servicer is a state or federally chartered credit union, the Commissioner shall also notify the Administrator of the Credit Union Division of the determination."