Sell Your Charlotte Home, Avoid Foreclosure

Facing foreclosure in Charlotte NC can be stressful, confusing, and embarrassing. Sometimes circumstances beyond our control create situations we would never have chosen. Do not be embarrassed to ask for help.

Navigating this process can be difficult as it is paperwork intensive. Our realtors know how the process works, and they can help you through.

How Do Foreclosures In NC Work?

Foreclosures in NC can happen via judicial review or a sale directly by the bank. This procedure can happen in as quickly as twenty-one days. When experiencing stress or a crisis of any kind, it is easy to lose track of the days. People dealing with foreclosed homes in Charlotte NC would be advised to brush up on North Carolina law on this matter.

Once you are three months, ninety days behind in your mortgage payments, your lender is authorized to begin foreclosure proceedings. If you think this does not apply to you, pull out the original promissory note and deed of trust, you signed when you purchased the house. If you no longer have a primary mortgage but refinanced it into an equity loan, read the deed of trust for the equity loan.

The best way to stop NC foreclosure when you are behind in your payments is to sell the house. If you prefer taking a risk because you may get that windfall or job in time to catch up, you could lose. Foreclosure homes in Charlotte NC create substantial damage to your credit report that can last for years. The immediate impact is a drop in your credit score. This problem will impact another lending you may need. It can also impact your insurance rates, and in some cases, acquiring a job.

What if My Property Is a Short Sale?

If the liens on your property are a higher value than your home, contact your lender now. Different lenders have different criteria for authorizing a short sale and what documentation they need from the borrower.

The other information you will need to know if your property is a short sale is the difference. It is not uncommon for the bank to turn the shortage into a personal loan and begin collecting attempts. Other times, the bank may accept the short sale and forgive the debt. That is dependent on many factors, one being whether they consider the short sale in front of them a better bet than trying to sell through a NC foreclosure. Either way, get in contact with your bank. When you are in collections, the bank is more cooperative with a communicative customer who expresses an active desire to solve it.

Being behind in your mortgage payments can feel like an insurmountable problem. Take a deep breath, do meditation, go for a run. Do whatever you need to do to be calm, and then ask for help. At Maverick Property Group, we understand hardships, and we want to help.