Charlotte Foreclosure Lawyers

Find the right Foreclosure attorney in Charlotte, NC

Foreclosure Law in North Carolina

Foreclosure in Charlotte, North Carolina is a process that allows a lender to take possession of the property that was used to secure their loan, in the event that the borrower fails to repay it.

A foreclosure usually involves a forced sale of the house at auction, so the bank can recover at least some of the loss it has incurred as a result of the default. Banks usually want to rid themselves of the property as soon as possible, collect as much money as they can from the sale, and then move on.

In all states in the U.S., including North Carolina, borrowers have the option of foreclosure by judicial sale. This permits a court to oversee the sale of the property by the bank. The purpose of this is to get the house to sell for the highest price possible. While this might seem like something that would only benefit the bank, it is also a great benefit to the borrower, since it increases the likelihood that the sale will encompass the full balance of the mortgage, preventing them from having to pay it.

Some states treat mortgages as "non-recourse loans." A non-recourse loan is one that is secured by the borrower's property, but for which the borrower is not personally liable. Essentially, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

How to Possibly Avoid Foreclosure in Charlotte, North Carolina

Communication between you and your lender is perhaps the most significant way to prevent foreclosure. Ignoring the issue is guaranteed to be counterproductive. Honesty is the best policy when it comes to dealing with lenders.

Bear in mind that banks aren't in the business of real estate speculation - they're in the business of lending money, and making profits through interest on their loans. In short, the bank doesn't really want your house - they'd much rather have you continue making your mortgage payments. For banks, foreclosing on a home is a last resort. Essentially, nobody likes foreclosures, and everyone wants to prevent them.

If you experience a sudden change in your financial situation, your lender, in an effort to keep you from defaulting, might be willing to accept lower monthly payments, at least temporarily.

As a last resort, you might consider a "short sale," which results in loss of the home, but it usually leads to a great deal of the debt on the mortgage being forgiven. Essentially, a short sale in North Carolina involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what's left on the mortgage, the balance of the debt is forgiven.

Can a Charlotte, North Carolina real estate attorney help?

If you live in Charlotte, North Carolina and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an experienced real estate lawyer probably will.

Talk to a Real Estate Law Attorney now!

Life in Charlotte

Charlotte, North Carolina is the seventeenth largest city in the U.S. with a population of approximately 1,754, 524. What is interesting is that Charlotte has become a major financial center in the U.S. being the second largest banking center in the country after New York City. That being said, it is natural that Charlotte has a strong legal presence. Charlotte is filled with many law firms that practice in all areas of law. Thus, Charlotte residents will always have their legal needs met with sharp attorneys and competent law firms.

If one wants to take a break from the financial and legal industry, there are a lot of attractions to see! Popular attractions include the US National Whitewater Center, the NASCAR Hall of Fame, the Levine Museum of the New South, Mint Museum Uptown, UNC Botanical Gardens, Charlotte Museum of History, and the Charlotte Bobcats Arena. Evidently, Charlotte has something for everyone and is definitely a place worth visiting.

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