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Public: Recent News

To:       North Carolina Attorneys and Paralegals
From:   Robert W. Allen, Real Property Section Chair

Re:       North Carolina Lawyers Saving Homes- A Foreclosure Prevention Project of the North Carolina Bar Association Foundation and the Real Property Section

As you know, our state is experiencing a tremendous increase in the number of foreclosures. The Real Property Section of the North Carolina Bar Association is joining with the North Carolina Commissioner of Banks (COB) and Legal Aid of North Carolina (LANC) to assist homeowners facing foreclosure.

Recently, our legislature enacted the State Foreclosure Prevention Project to be led by the COB. Beginning on November 1, 2008, the COB will begin the process of reviewing thousands of loans in an effort to reduce the number of foreclosures in North Carolina. To conduct these Red Flag Reviews, the COB needs help. In addition, LANC needs attorneys to help homeowners facing foreclosure to renegotiate loans.

I am writing to ask for your help and for your commitment to participate in this project.

On November 19 in Cary, December 10 in Wilmington and December 12 in Charlotte, training seminars will be held that will teach attorneys and paralegals how to undertake a Red Flag Review and will prepare attorneys to negotiate with lenders on behalf of borrowers. These seminars will provide participants with six hours of CLE/CPE credit and will be offered at no cost, provided the participant agrees to handle a minimum of two Red Flag Reviews.

The reviews are expected to take less than one hour for each. Our great hope is that participants will agree to undertake more than two Red Flag Reviews and will be willing to handle some of the negotiation cases with LANC after they complete the training.

Foreclosures impact all of us, either directly or indirectly. This project offers an opportunity for all of us to help our fellow citizens in a meaningful way. Please make a commitment to help and plan to attend one of the training sessions. (The November 19 session is available as a Webcast, if you cannot attend in person.)

Sign up brochures are being mailed separately to many members of the Bar Association. In addition, if you have received this letter electronically, a brochure is attached. Finally, if you do not receive a brochure, please let me know or contact the NCBA CLE office at 800-228-3402 and we will see that one is sent to you. You can also sign up on-line at www.ncbar.org/CLE.

If you have questions about the program, please feel free to call (704-377-8350) or e-mail (rallen@rbh.com ) me. Thank you for your consideration of this worthy project.