Don't Sleep On A Foreclosure Notice in North Carolina, ACT NOW!

Understanding the Foreclosure Process in North Carolina

1. Pre-foreclosure Notice: Lenders are required to send a pre-foreclosure notice at least 45 days before starting formal foreclosure proceedings if your home is your primary residence. This notice outlines the default amount, fees, and resources to help avoid foreclosure.
2. Notice of Hearing: This is the official start of foreclosure proceedings. It's filed with the court, and you'll be served with this notice.
3. Foreclosure Hearing: Usually handled by the clerk of court, not a judge. The clerk reviews documents to make sure the lender has the right to foreclose.
4. Notice of Sale: If the foreclosure is approved, you'll receive a notice about the date, time, and location of the foreclosure auction.
5. Foreclosure Sale: Your property is auctioned off to the highest bidder.

What to Do When You Receive a Foreclosure Notice

1. Don't Panic: It's important to remain calm and assess the situation. Foreclosure is a process, and you have time to take action.
2. Read the Notice Carefully: Understand the details—how much you owe, deadlines, and the reasons for the foreclosure.
3. Contact Your Lender: Reach out to your lender or loan servicer as soon as possible. They may be willing to work with you to find a solution that can avoid foreclosure.
4. Seek Help from a Housing Counselor: Contact a HUD-approved housing counselor (https://www.hud.gov/findacounselor). They provide free guidance and can offer options and resources to help you.
5. Explore Your Options: Here are some potential ways to avoid foreclosure:
   Loan Modification: Change the terms of your loan to make payments more affordable.
   Refinance: Get a new loan with better terms.
   Forbearance: Temporary pause or reduction of payments.
   Short Sale: Sell the property for less than what you owe on the mortgage (lender approval required).
   Deed-in-Lieu of Foreclosure: Voluntarily give up the property to the lender.

Important Considerations

• Act Quickly: Call the Law Offices of John T. Orcutt, the sooner you take action, the more options you may have.
• Don't Ignore the Notices: Responding and exploring options is crucial. Ignoring the situation can make it worse.
• Beware of Scams: Unfortunately, there are scams targeting homeowners facing foreclosure. Work with reputable housing counselors and your lender. or consult our Law Offices to go over your options.