What are my rights as a homeowner facing foreclosure?

In North Carolina, homeowners facing foreclosure have certain rights protected under foreclosure defense laws. Generally, these laws are designed to protect a person’s right to keep their home if they are able to make payments to satisfy their mortgage debt. Under these laws, lenders must provide homeowners with a notice of the foreclosure process at least thirty days before any action is taken. This notice must include information about the homeowner’s right to request a conference with the lender in an attempt to renegotiate loan terms. Homeowners may also be able to take advantage of the foreclosure alternative of obtaining a loan modification, which can lower their interest rate and extend the length of the loan. Homeowners have the right to be represented by an attorney throughout the foreclosure process. However, they are not required to have an attorney present at any stage of the process, and can choose to represent themselves. Homeowners also have the right to dispute their foreclosure in court. This process, known as a “Loan Servicing Dispute,” allows homeowners to present evidence to the court in order to show that the foreclosure is unjustified. Finally, North Carolina also has a “right of redemption” law. This allows homeowners who have faced foreclosure to purchase back their home, as long as the amount owed is paid in full. Homeowners have a limited period of time in which to exercise the right of redemption. Thus, homeowners facing foreclosure in North Carolina have multiple rights available to them that can help protect their home. It is important to familiarize yourself with these rights and to take action promptly in order to maximize your chances of keeping your home.

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What are my rights as a homeowner facing foreclosure?

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