Can I abandon my house and property in North Carolina?

by oliver on September 30, 2010

Question:

Can I abandon my house and property in North Carolina?

I recently went under chapter 7 and signed a paper to continue my mortgage payments but now I want to get out from under this mortgage and move away.

Answer:

The laws under Chapter 7 has been changed drastically recently so if you want to know the details of the changes, contact a real estate attorney before taking any action.

Under the new law, you are still obliged to pay back the total amount of debt that you owe to your lender. Paying back all of your debt will definitely solve your problem of foreclosure. If you cannot pay the total amount of your mortgage debt, you can look for other options such as refinancing, forebearance, mortgage modification, short sale and others.

You can work out an agreement with your lender in order for you to avoid foreclosure. Foreclosure is stated in your tax statement and can appear in your credit for as long as ten years so it really has a grave effect on you. If you want to stop the foreclosure, you can ask your lender to agree on a short sale, where you will be able to sell the property and be free of your mortgage obligations. If you cannot work out an agreement with your lender, you can seek help from other realtors so you can sell the property fast and get out of that situation. To learn more about the foreclosure details in your state, you can contact a real estate attorney.

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