Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
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.