Foreclosure happens when you fall behind on your mortgage payments and the owner of your loan (the bank) uses state procedures to sell your house in order to repay the debt. However, some homeowners simply don’t take advantage of the help available and foreclosure becomes the only option. If there is enough money to pay all of the second mortgage, then they get all of the rest of the money until their lien is paid in full. Suppose you feel that your house value has gone down and it will not even allow you to pay for the loan amount which you have taken, then you should prepare yourself for foreclosure.
The notice must state the date and time the owner will make payment to the sheriff and the redemption amount. The mortgage company must send the NOI by certified and first-class mail to the homeowner no less than 45 days before a foreclosure action is filed in court.
Represented a mezzanine lender in foreclosure and the subsequent single asset real estate chapter 11 involving historic downtown Chicago building. Real property (also real estate or property)—The legal ownership interest in land and buildings such as a home.
Chapter 7 is a liquidation, and may delay a foreclosure, but usually will not allow you to keep your house if you are behind on payments. For example you were fired and now have a new job, the bank may allow you to make up the missed payments over a period of time.
Most deeds of trust in North Carolina contain power of sale” language requiring the trustee to sell the property, on the request of the beneficiary, in the event of a default under the terms of a promissory note or deed of trust. A borrower (debtor) signs a promissory note when a lender (creditor) loans money.