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Foreclosure law in Fayetteville, North Carolina, United States adheres to both federal legislation and state-specific provisions. Foreclosure is a legal process where a lender tries to recover the balance of a loan from a borrower who has stopped making payments. This is typically accomplished by selling the property used as collateral for the loan. In North Carolina, lenders primarily use non-judicial foreclosure, meaning that the foreclosure is undertaken without going to court.
Retaining a lawyer for foreclosure issues is beneficial for several reasons. If you are facing foreclosure, an attorney can help you understand your rights, provide advice, and represent you in court if necessary. They can help you to navigate the complex legal system and could potentially help you delay or stop the foreclosure entirely. Also, if you believe your lender has not followed the required foreclosure procedures or acted fraudulently, a lawyer can help represent this in court.
North Carolina laws specify that lenders cannot start a foreclosure until the borrower is more than 120 days delinquent on their mortgage payments. Also, lenders must provide homeowners with certain notices that explain their rights and options to avoid foreclosure. North Carolina law also grants the borrower the "right to reinstate" the loan before the final judgment, meaning you can stop the foreclosure by paying the outstanding balance and fees.
Yes, there are several ways to prevent foreclosure including loan modification, refinancing and reinstating the loan. A foreclosure attorney can provide advice based on your specific situation.
Non-judicial foreclosure is a foreclosure process that does not need to go through court. In this case, the lender can evict the homeowner directly after following the legal foreclosure procedure.
In North Carolina, borrowers do not have the right to redeem, or repurchase, the property after foreclosure sale.
When a foreclosure sale does not cover the outstanding mortgage debt, the remaining debt is termed a 'deficiency'. In North Carolina, the lender can obtain a deficiency judgment against the borrower.
Generally, the foreclosure process can take anywhere from 30 days to several months, depending on several factors and whether the foreclosure is contested.
The North Carolina Department of Justice provides resources and information related to foreclosures. In addition, Legal Aid of North Carolina offers legal representation to homeowners in danger of being foreclosed.
If you are facing a foreclosure, the first step is to consult with a foreclosure attorney who can provide advice based on your specific case. It is also advisable to contact your lender as soon as possibles to begin discussing potential options to avoid foreclosure.
