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This is the first home Jenkins owns, and it comes from Cape Fear Habitat for Humanity, the New Hanover County affiliate of the Christian housing ministry. The international nonprofit provides volunteers, building materials and affordable mortgages for those making 30 to 60 percent of the area's median income.

Jenkins likes to help build her own house – a requirement of homeowners in the program – and learn to fix things herself. She said she's glad she's getting this before the New Hanover affiliate has to leave Navassa, where it has built houses and relationships for the past four years.

She said she doubts the efficacy of Habitat's Brunswick County affiliate, which has now decided to take over building in Navassa and elsewhere in northern Brunswick, where it has jurisdiction. Its executive director said it got the New Hanover affiliate to build there temporarily because it didn't have the resources to serve the area until now. 

source: starnewsonline

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 Do your homework. Housing advocates say the reason many homeowners end up in unaffordable loans is that they either did not understand the terms of their loans.

Call your lender while your head is still above water. If your credit has already tanked, you will lose negotiating power.

 Open all mail from the bank. Some subprime lenders, like Washington Mutual, are calling or writing ARM customers six or more months before a reset to offer assistance. 

Locate a free or low-cost housing counselor. Go to the U.S. Department of U.S. Department for Housing and Urban Development website to find HUD-certified counselors .

Get a qualified expert to help you navigate. You may want to take action on several fronts by contacting a lawyer or realtor as well.

Check to see if you’re eligible for special assistance. If you have an adjustable-rate mortgage and a good credit rating, the federal FHASecure program may be able to provide a refinance option with a fixed rate.

Don’t consider bankruptcy an easy way out. Under current laws, bankruptcy can slow or halt foreclosure in some cases, but you need to seek legal advice from a trusted source before you proceed.

Meanwhile, try to keep your payments current. Mindy Wright, a housing counselor in Elyria, Ohio, says people often make the mistake of paying off credit cards bills before making their monthly mortgage payment.

Tighten your belt. Getting rid of luxuries like cable TV will give you credibility when you sit down to renegotiate.

Get familiar with various mortgage workouts. The best solution would be to refinance into a long-term mortgage with a sensible rate.

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