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Dwayne B.
Dwayne B., Attorney
Category: Real Estate Law
Satisfied Customers: 33554
Experience:  Began practicing law in 1992
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I have a house that is mortgaged by a individual. I am 3mths

Customer Question

I have a house that is mortgaged by a individual. I am 3mths late on my mortgage. And 3 years behind on my property tax. I have funds to pay my late mortgage but not all my back taxes. I have not obtained homeowners insurance. However I have been in the house for 4 1/2 years. I'm willing to catch up on everything except the taxes.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Is there a specific question with which I could assist?

Customer: replied 1 year ago.
How much time do I have before foreclosure and sale ? And what am I libel for after foreclosure?
Expert:  Dwayne B. replied 1 year ago.

Generally, it's about 60 days from the date the lawsuit is filed, although there are some notices required. The lender has to send a Pre-foreclosure notice at least 45 days before starting the foreclosure (by filing a notice of hearing), and the foreclosing party must mail the borrower a notice about the total; amount due and resources that are available to avoid foreclosure pursuant to N.C. Gen. Stat. § 45-102.

Then, The foreclosing party must mail a notice of default to the borrower 30 days prior to the date of the notice of hearing. N.C. Gen. Stat. § 45-21.16(c)(5a).

You would be liable for the attorney's fees, costs, and the difference between what you owe and what they sell the property for at auction although commercial lenders rarely actually pursue that amount.