What is Foreclosure in Wilmington, North Carolina?

Find the right Foreclosure Bankruptcy attorney in Wilmington, 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 Wilmington, North Carolina. Foreclosure typically requires the house to be sold at an auction. Typically, banks want to rid themselves of the property as soon as they can, in order to gather 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 process 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 lastly to the debtor if anything is left. In various states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the debtor for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Wilmington, North Carolina lawyer to see if this state is one of them.

How Can I Avoid Foreclosure in North Carolina?

First of all, you shouldn't dismiss the problem. You should stay in contact with your bank, and be forthright with them. Ignoring the issue will not make it go away. It is crucial to remember that the bank does not really want your Wilmington house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you can't reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

How Can A Wilmington, North Carolina Attorney Help?

If you are facing foreclosure, a good Wilmington, 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 Wilmington

Wilmington is in New Hanover County, North Carolina. It is the eighth most populated city in the state, with a population of 362,315 people. It was named after Spencer Compton, the Prime Minister under King George II. Also, in 2003 the city was recognized as "A Coast Guard City" by the United States Congress.

Some popular attractions are Airlie Gardens, Cape Fear Serpentarium, North Carolina Aquarium, Screen Gems Studios, USS North Carolina Battleship Museum, Thalian Hall Center for the Performing Arts, and Fourth Friday Gallery Nights.

Top employers of the city include Corning, Verizon Wireless, General Electric, and Pharmaceutical Product Development.

Wilmington is also home to many law firms and law offices that train excellent attorneys to handle any and every legal inquiry.

Famous residents include Sophia Bush, Chelsea Cooley, Alge Crumpler, Roman Gabriel, Joseph Gallison, Ed Hinton, Jana Kramer, James Lafferty, and Trot Nixon.

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