What is Foreclosure in Fayetteville, North Carolina?

Find the right Foreclosure Bankruptcy attorney in Fayetteville, NC

Foreclosure is a judicial procedure allowing mortgage lenders to take ownership and/or possession of the debtor's real estate (which was used to secure the loan) in the event of nonpayment in Fayetteville, North Carolina. Foreclosure usually involves a forced sale of the house at auction. Banks usually want to rid themselves of ownership of the home as soon as possible, collect as much money as they can, and then move on.

In every state, including North Carolina, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be supervised by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the whole balance will be covered, as well as the odds that there will be some money leftover for the debtor). In some states, original mortgages are "non-recourse loans," meaning that the lender may only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Fayetteville, North Carolina attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans that have been refinanced.

How Can I Avoid Foreclosure in North Carolina?

First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. It is important to remember that banks don't really want to own homes in Fayetteville. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.

How Can A Fayetteville, North Carolina Attorney Help?

If you are facing foreclosure, a good Fayetteville, North Carolina real estate lawyer can help. While keeping your home might not always be possible, an attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Fayetteville

Fayetteville, North Carolina is a relatively large city with a population of over 200,000 residents. It serves as the county seat for Cumberland County, and is located in an area known as "the Sandhills". Fayetteville was named "one of the best places to retire" by Where to Retire magazine. The city is rich in early American history, as the U.S. Constitution was ratified in Fayetteville in 1789.

Military culture plays a large role in Fayetteville. The city is best known for its close proximity to Fort Bragg, a major U.S. Army outpost. In 2008, Fayetteville, North Carolina was officially named "The World's First Sanctuary for Military Families". Citizens and businesses of the city often demonstrate their support for the military through participation in volunteer groups.

Fayetteville also maintains several festive events every year. In particular, the Dogwood Festival in the spring and Christmas in the Park attract a large number of participants. These local gatherings showcase art displays, theater performances, and food vendors. Overall, Fayetteville is an ideal location for business, recreation, and residence.

Fayetteville, North Carolina lawyers are available to assist residents in a variety of legal matters. Fayetteville lawyers often represent their clients in the Superior Court of Cumberland County, which is located in the city.

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