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 Why you shouldn't just walk away from a propertyIf you walk away from your property without negotiating a deed in lieu or some other settlement with your lender they can sue you directly for a deficiency and seek to liquidate your other assets (bank accounts, cars, boats, other real property, household items, etc.) for payment. A deficiency is the difference between the total amount owed on the loan and the amount the bank realizes from the foreclosure sale of your property. The Foreclosure Salefter the Foreclosure Hearing in which the Clerk of Superior Court approves the sale of the property being foreclosed, the Trustee will hold a Foreclosure Sale at the county courthouse in which the property is located. At the Foreclosure Sale the Trustee invites offers to buy the property from those in attendance and then accepts the highest bid. The highest bidder is bound by his offer the moment it is accepted. Mortgage Modification: How It Can Work For YouMortgage Modification is a very popular term these days. You see advertisements for them on TV, your lender may have sent you mortgage modification information in the mail and the federal government has created a program to help struggling homeowners based in large part on mortgage modifications. But what exactly is a mortgage modification and how could it help your family? How A Mortgage Modification Can Work For YouMortgage Modification is a very popular term these days. You see advertisements for them on TV, your lender may have sent you mortgage modification information in the mail and the federal government has created a program to help struggling homeowners based in large part on mortgage modifications. But what exactly is a mortgage modification and how could it help your family? Why Do I Need An Attorney To Handle My Modification Or Other Foreclosure Alternative?There is no doubt that it is entirely possible for you to work on your own with the bank to come to a mutually amicable solution to your foreclosure problem, but you must also keep in mind that time is of the essence in dealing with loan modifications. While you are trying to deal with the lender or servicer precious time is slipping away. The Foreclosure HearingAfter the Foreclosure Hearing in which the Clerk of Superior Court approves the sale of the property being foreclosed, the Trustee will hold a Foreclosure Sale at the county courthouse in which the property is located. At the Foreclosure Sale the Trustee invites offers to buy the property from those in attendance and then accepts the highest bid. The highest bidder is bound by his offer the moment it is accepted. How A Mortgage Modification Can Work For YouMortgage Modification is a very popular term these days. You see advertisements for them on TV, your lender may have sent you mortgage modification information in the mail and the federal government has created a program to help struggling homeowners based in large part on mortgage modifications. But what exactly is a mortgage modification and how could it help your family? Pre-Foreclosure Notice for Sub-Prime LoansThe North Carolina legislature has enacted new legislation to help homeowners with subprime loans avoid foreclosure. If a homeowner with a subprime loan defaults on his loan, the lender is now required to send to the homeowner a Pre-Foreclosure Notice at least 45 days prior to filing the Notice of Foreclosure Hearing. The Pre-Foreclosure Notice must include an itemization of all past due amounts and other charges that need to be paid in order to bring the loan current as well as a statement th How a Repayment Plan WorksRepayment plans are a useful tool if you have experienced a short term cash flow problem that caused you to miss a number of mortgage payments. How much time do I have to move after my home has been sold at a foreclosure sale?After the foreclosure sale there is a 10 day upset bid period before the sale becomes final. After that time has passed and there have been no upset bids the sale then becomes final.
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