Foreclosure Law Firm in North Carolina Providing Clients with Foreclosure Defense
When facing overwhelming debt, an unexpected expense or change in your income, it can be difficult to see the light at the end of the tunnel. Many people miss one or more mortgage payments during such times and it may appear that foreclosure of your home or other property is inevitable. But with a North Carolina foreclosure law firm on your side, you can get help stopping a foreclosure, get the right advice about your next course of action, and find the relief you need to keep your home or property.
Avoiding financial hardship is difficult in today’s economy, but that doesn’t mean financial hardship is insurmountable. There are ways to defend against a foreclosure, especially with the experienced guidance of a foreclosure law firm in North Carolina. If you’re facing foreclosure in North Carolina, contact Gillespie & Murphy, P.A. today for legal help to avoid a foreclosure.
What is a Foreclosure?
A foreclosure is a legal process that allows a creditor to obtain title to your home or real property if you default on the terms of your contract with the creditor. Most of the time the default is failure to pay the mortgage payment when it is due. However, there are many types of defaults, including not paying the real estate taxes, not keeping the property insured or failure to maintain the property. There are two types of foreclosure in North Carolina, Power of Sale foreclosure, which is the most common, and Judicial foreclosure, which may be used by creditors or a tax agency who has obtained a judgment or tax lien against your property.
A Power of Sale foreclosure is a statutory process with certain procedures. Before the creditor can foreclose on your home or other property, the creditor must send you a specific notice itemizing the amount due. The creditor must then schedule a hearing before the Clerk of Court in the county where your home or property is located and “serve” you with legal notice of the hearing by having the notice delivered by the Sheriff’s department, posted on your property by the Sheriff, or mailed to you by first class or Certified Mail. Notice of the hearing is fundamentally important, and usually the creditor “serves” the notice by several methods, not just one.
At the hearing, the creditor must prove several things, including (1) that there is a valid debt; (2) that you have defaulted; (3) that you received notice of the default and the hearing; and (4) that the creditor has the right to foreclose. If the creditor proves those things, the Clerk of Court will enter an order allowing a foreclosure sale. Before the sale can occur, however, the creditor must (1) post the Notice of Sale in a public location designated by the Clerk of Court; and (2) publish notice of the foreclosure sale in a local newspaper twice for two consecutive weeks. Although the process takes a few months, it will cost you more in interest, late fees, the creditor’s legal fees, and the foreclosure Trustee’s fees, every step of the way until the foreclosure is stopped.
A judicial foreclosure is an actual lawsuit, initiated by a creditor or tax authority that has a lien on your home or property. You must respond to the lawsuit within 30 days of receiving the notice of the suit.
What Can a Foreclosure or Bankruptcy Law Firm Do For Me?
A foreclosure or bankruptcy law firm will review your circumstances and advise you on the best way to stop a foreclosure action. Often, the best and most certain way to stop a foreclosure for a homeowner is by filing a bankruptcy, which will not only immediately stop the foreclosure, but in Chapter 11 bankruptcy, Chapter 12 Bankruptcy, and Chapter 13 bankruptcy, also allow you to catch up the “arrears,” or how much you are behind, over five years. A Chapter 7 bankruptcy will also stop a foreclosure, but the creditor will be allowed to restart the foreclosure with permission from the bankruptcy court or after the Chapter 7 bankruptcy case is closed.
In addition to bankruptcy, there are other ways to stop a foreclosure on your home or property. Many people are able to modify their mortgage by working directly with the creditor. Occasionally, government assistance is available to assist people with their payments or arrears. Call our legal team today for a free consultation about how we can work with you to help stop the foreclosure process.
When Should I Contact a Foreclosure Law Firm?
If you are behind on your mortgage or expect to be behind on your mortgage very soon, call us immediately. The earlier we get involved, the more likely we are to be able to help you avoid foreclosure or stop any current foreclosure proceedings against your property. Remember, every step of the foreclosure process will cost you more money if you want to keep your property. Whether you need to file a bankruptcy to eliminate other debt so you have breathing room to pay your mortgage, or whether you need to contact the creditor directly, we want to discuss your options with you so you can make the best decision for you and your family. Avoid waiting for a notice to be given to you or putting off taking action until it is too late. Speak with our law firm today for trusted legal guidance going forward.
Is Hiring a Foreclosure Attorney Worth It?
Do you want to keep your home or just know whether you can? Hiring a foreclosure or bankruptcy attorney is absolutely worth it if you want to save your property. Most people feel relieved after their first meeting with a law firm experienced with handling foreclosure defense and bankruptcy. The longer you wait to address your foreclosure or potential foreclosure, the worse off you will be and the harder it will be to solve those issues going forward. Contact Gillespie & Murphy, P.A. as soon as possible to get the help you need for your foreclosure related needs.