Home Foreclosures: 12.10.2.8 North Carolina
N.C. Gen. Stat. §§ 24-12 to 24-17; N.C. Gen. Stat. § 24-1.2A (home equity loans)
North Carolina limits second mortgage loan amounts to not exceed $25,000. Interest may not exceed the greater of either 1 1/2 % per month or the annual Federal Discount Rate plus five percent. Fees may not exceed two percent of principal less the amount of any existing loan by that lender to be refinanced, modified, or extended. The statue requires an itemized closing statement. Violation is a misdemeanor.