How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31177
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Real Estate Law Question Here...
Roger is online now
A new question is answered every 9 seconds

I have my house up for sale in NC but I am now living in Maryland

Resolved Question:

I have my house up for sale in NC but I am now living in Maryland and cannot afford to rent and also pay my mortgage and I am thinking of foreclosing. What are the NC laws on foreclosure. I have had one offer on the house and it was well below what I need to get as I still have a mortgage on the property.   My house has been on the market for 7 months and only one person has shown any interest so far.   I am managing to do both at the moment but my family are helping me with payments and they cannot do that much longer.
Submitted: 5 years ago.
Category: Real Estate Law
Expert:  Roger replied 5 years ago.

Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney here to assist you.

 

Here is a good link that outlines foreclosure law in North Carolina: http://www.foreclosure.com/statelaw_NC.html

 

The biggest concern is that the lender has a right to seek a deficiency judgment against you if the property sells for less than you owe the lender. In that case, the lender can sue you for the balance.

 

My suggestion is that you ask the lender to accept a deed in lieu of foreclosure, which will allow you to peacefully return the property to the lender and also allows you to avoid a deficiency judgment.

 

 

Roger and 9 other Real Estate Law Specialists are ready to help you

Related Real Estate Law Questions