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RADA

Second Mortgage Refinance Program


The Second Mortgage Refinance Program (SMRP) is a statewide foreclosure prevention program designed to assist employed North Carolina homeowners whose second mortgage has become unaffordable due to unemployment, under-employment, or another program-eligible financial hardship.

The SMRP will provide a zero-interest, non-recourse, deferred-payment, subordinate loan that will pay down or extinguish an existing second mortgage to achieve a monthly payment that is less than or equal to thirty-six percent (36%) of the homeowner’s current gross monthly income. The maximum SMRP loan amount is $30,000.

What is a Program Eligible Financial Hardship
        - A program-eligible financial hardship is an event or condition that has caused a reduction in income that is likely to improve in the foreseeable future (i.e. illness, death of a co-borrower, divorce or separation).

The homeowner must meet eligibility and program underwriting guidelines and must also complete a hardship affidavit.

Note: If the homeowner has already entered into a Home Affordable mortgage modification with a 2MP Servicer, he or she would not be eligible for the Second Mortgage Refinance Program.​

​4030 Wake Forest Road - Suite 209
Raleigh, North Carolina 27609
tel: (919) 807-8400
​fax: (919) 665-5431

Local Resources

  • City of Raleigh
  • Downtown Raleigh Alliance
  • NC Dept of Commerce
  • Raleigh Economic Development
Copyright © 2017 RADA  | 4030 Wake Forest Road · Suite 209 · Raleigh, NC 27609
Phone: (919) 807-8400 | Fax: (919) 665-5431

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  • Home
  • About RADA
    • Board of Directors
    • Our Sponsors & Partners
  • News
  • Foreclosure Prevention
    • The Foreclosure Process >
      • Foreclosure Alternatives
    • The Mortgage Payment Program >
      • Mortgage Payment Program Overview
      • Second Mortgage Refinance Program
      • Help for Veterans
      • Help for Furloughed Workers
  • Homebuyer Services
    • Pre-Purchase Counseling
    • 8-Hour Online Homebuyer Education
    • Homebuyer's Education Workshop
  • Contact Us
    • Download Forms
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