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Foreclosure

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by milliecnc, Jan 14, 2014.

  1. milliecnc

    milliecnc LoanSafe Member

    At this point i have already decided that I cannot afford this house anymore. I jumped on the HAMPSTER wheel for a while now I just want out. what is the process? do I need a lawyer for this end of the line process?I hear a lot about needing a lawyer. I really can't afford one. I just need out. I have an apartment and am ready to move out.
  2. TomEason

    TomEason LoanSafe Guide Staff Member


    milliecnc

    No you don't need to retain a lawyer. Simply vacate and relocate to your rental apartment. Your lender will eventually get around to FCing.
  3. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    I definitely agree with Tom, there's no need to hire an attorney when walking away and it would likely cost you thousands of dollars. However, it's always a good idea to contact a local real estate/foreclosure defense attorney for a 30-60 min consultation to go over your situation.

    You can find a reputable attorney in your area using the following link:

    National Association of Consumer Advocates | Consumer Protection Advocates and Attorneys - Help for Consumers

    Here's some good info on the NC foreclosure process and laws:

    Deficiency judgments are allowed in NC, however they are allowed in many states but this doesn't mean they will come after you for a judgment. If you do not have substantial funds or assets for them to pursue, a judgment would be fruitless.. Doing some research, it seems that the lender cannot pursue a deficiency judgment if;


    • the non-judicial foreclosure process was used to complete the foreclosure, and
    • the loan was obtained when you purchased the property (aka purchase money loan) - (N.C. Gen. Stat. § 45-21.38). If you did a refinance and took cash out it will not be considered a purchase money loan.
    • Or you had a nontraditional (i.e. subprime) pick-a-pay Option ARM.

    The laws that govern North Carolina non-judicial foreclosures are found in North Carolina General Statutes, Chapter 45 (Mortgages and Deeds of Trust), Article 2, Article 2A as referenced in §45-4 to §45-21.38

    North Carolina General Assembly - General Statutes - Chapter 45: Mortgages and Deeds of Trust.

    A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. Deficiency judgments are referenced in North Carolina General Statutes, Chapter 45, Article 2B §45-21.36 and the mortgagor has the right to prove the fair value of the property as a defense to any deficiency based on the sale price.

    The statute of limitations s 10-years as per § 1‑47.

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