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                              STOP MY FORECLOSURE

                                                      Time Is Not On Your Side.



Are you at the point that you are afraid to answer  your home phone for fear it may be your lender or another creditor? Are you afraid of losing your job because your lender or a debt collection agency keeps calling you at work?  Are you afraid to go to your  mail box for fear of what you might find–more threatening late or legal notices?


Facing foreclosure, or the possibility of it, doesn’t have to be a daunting task. We know that these can be very trying times for you and your family. You need to understand your options before making tough and complicated decisions that could follow you for years to come. That’s where we can help. We can discuss your options with you and assist you in making those important decisions.


For example, there are three things a lender could have you: (1) a Modification Agreement whereas the lender will take what is owed on the home and add it to the backside of the loan and perhaps even change the interest rate. In essence, they are re-writing the loan. (2) a Forbearance Agreement. Here your payments could be reduced for a few months, say 50 to 70 % of your normal payment, and then it will increase until you are caught up. That increase could be 150% of a normal payment. Once you are caught up, your payments will go back to the original amount. (3) Deed in Lieu of Foreclosure. Here you raise the white flag and say I give up, here’s the home back, I’m out of here, thus saving the lender court and attorney fees.  Keep in mind, these are options. A lender is not required by law to do any of these.

How long does it take to foreclose on a home in North Carolina?

It takes approximately three months to complete a non judicial foreclosure in North Carolina if everything goes smoothly. It may take longer than three months if the borrower fights the foreclosure or if the lender seeks a judicial foreclosure.

What is the foreclosure process in North Carolina?

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Is North Carolina a non-judicial foreclosure state?

The most prevalent type of foreclosure process in North Carolina is nonjudicial. In a nonjudicial foreclosure, the lender does not have to file a lawsuit to foreclose. In most states, the lender never has to go to court in a nonjudicial foreclosure.

What happen when you have to go to court for foreclosure?

If the Clerk issues a continuance at a foreclosure hearing and the Debtor is present at the hearing, the Debtor will receive a written order from the Clerk stating the continuance. The third outcome of a foreclosure hearing is the Clerk of Court will issue a “sale date”.

Is North Carolina a title theory state?

A deed of trust arrangement is a three party security interest in real property whereas a mortgage is a two party arrangement. North Carolina is a title theory state so the mortgagee holds legal title to the property.

How long do you have to get out of your home after a foreclosure?

A summons and complaint is issued and you have five days to respond. A trial is set for 21-days after the complaint is served and a legal eviction is recorded against you. The sheriff posts a 5-day Notice to Vacate and if you are still in the property, the locks are changed and your possessions confiscated.

Do you still owe money after a foreclosure?

The lesson to be learned is that if you owe more on your mortgage than your house is worth and the property is in a state that allows lenders to seek deficiency judgments, you may still owe money even after foreclosure. The lender could forgive the amount.

As you can see there is a lot to know and understand about foreclosures. The information provided on this page is not to be taken as a legal opinion. You should consult your attorney for legal advice. 

The best thing to do is call us for a private, no cost, no obligation consultation. Call us at 919-939-9678. If it is after normal business ours, click contact us here , and send us a message and we will be in contact with you within 24 hours or less.

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