What options do I have if I'm facing foreclosure?

If you are facing foreclosure in North Carolina, there are several options available to you. First, it is important to understand that foreclosure is a legal process. Thus, you should consult with an attorney who specializes in residential real estate law and understand all of your rights and legal options. One option is to contact your lender and negotiate a loan modification, which can reduce your monthly payments or defer missed payments. Another option is to try a foreclosure mediation program, which can help you come to an agreement with your lender and avoid foreclosure. You may also be able to take advantage of North Carolina’s Deed in Lieu of Foreclosure law. This law allows you to give the title of your home back to the lender in exchange for canceling the debt. Another method of avoiding foreclosure is to “refinance.” This involves getting a new loan at a lower interest rate and/or extending the repayment term to lower your monthly payments. Finally, you can always take the hard route and declare bankruptcy. Bankruptcy can be a useful tool for stopping a foreclosure and allowing you more time to catch up on your payments. However, bankruptcy is a serious step that should only be taken after considering all of your options and consulting with an attorney.

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What options do I have if I'm facing foreclosure?

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