What is Foreclosure in Huntersville, North Carolina?

Find the right Foreclosure Bankruptcy attorney in Huntersville, NC

Foreclosure is a legal process 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 Huntersville, North Carolina. Foreclosure usually requires the house to be sold at an auction. Usually, banks want to rid themselves of the property as soon as they can, in order to collect as much money as possible.

In every state, including North Carolina, there is an option to go through foreclosure by a judicial sale, which is a procedure in which a court supervises the sale of the property, and makes sure that the proceeds first go the to the holder of the mortgage, then to anyone else who may have a lien on the property, and finally to the debtor if anything is left. In many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Huntersville, North Carolina to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in North Carolina?

First of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be honest with them. Ignoring the issue will not make it go away. It is crucial to remember that banks don't really want to own homes in Huntersville. 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 enable you to keep paying them in the long run.

If you can't work things out with your lender, there are other options. You could try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. You could also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Huntersville, North Carolina Attorney Help?

If you think foreclosure is imminent, a good Huntersville, North Carolina attorney might be your best hope for staving it off. Even if keeping the house proves impossible, a good lawyer can minimize the financial effects.

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Life in Huntersville

Huntersville plays host to 25,000 Mecklenberg County residents who live just 12 miles north of Charlotte. The city's namesake is Reverend Humphrey Hunter who was a minister at Steele Creek and Unity Presbyterian Churches but is best known as a Revolutionary War hero. They City of Huntersville covers a total of 31.2 square miles which offer a mild seasonal climate and outstanding resident accommodations which attracts many professionals like lawyers. Lawyers in Huntersville are well experienced with a diverse variety of cases taking local and state laws into account when advising you.

The most notable attractions in Huntersville include Lake Norman, North Stone County Club, and NASCAR. Lake Norman is a large manmade lake constructed by Duke Power and serves the nearby nuclear power plant. The lake offers picnic and recreational areas for visitors. The North Stone Country Club is home to one private and two semiprivate golf courses that are all maintained by the IRI Group. Joe Gibbs Racing which operates three Sprint Cup Series teams, is headquartered in Huntersville. The FedEx Toyota Camry, MM's Toyota Camry, and Home Depot Toyota Camry are all serviced and housed there. 

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