Charlotte North Carolina Foreclosure Help, Defense, Laws and Process


Owning a home in Charlotte North Carolina has become attainable, thanks to mortgage help. Owning a home is part of the American dream but losing it is now becoming the new American nightmare. Foreclosure of property happens when the lender recovers their loan legally by repossessing the property and reselling it in order to recover their loss.

In North Carolina, government assistance is available if you find yourself in need of advice and counseling on your financial woes. You need to contact a HUD- approved Housing Counselor as soon as possible. Time in this situation is of the essence. The Counselor will assist you in providing you with management tips on all the proper avenues available in tackling the situation and you will be assisted through the foreclosure proceedings. Seeking out government help is advisable because it’s free and most prevention foreclosure companies are fraudulent.

Seeking help immediately is vital if you find yourself falling behind on your house payments. You must realize that as time passes by thousands of dollars are being charged to the balance you owe and what’s worse, the legal fees for the foreclosure proceedings are also added to this balance. Therefore, you need to act as fast as possible.

Stop Foreclosure Charlotte, North Carolina

Charlotte, North Carolina is known as a title theory state. This is where the property remains in trust until payment in full occurs for the loan. A deed of trust secures the title. You should consider the following if you are facing foreclosure or at risk of it:

  • Do not ignore the problem. Ignoring your financial crisis won’t make it go away. Face it head on and accordingly.
  • Contact your lender as soon as you realize you cannot honor the agreement. Loan modification can be the solution to all your problems.
  • Acknowledge the receipt of all the notices the lender sends. They can help you in getting foreclosure prevention tips.
  • Always find out your rights when it comes to your mortgage contract.
  • Contact your HUD-approved Housing Counselor. They are there to provide information that can help your foreclosure process.
  • Liquidate your assets if they are valuable enough to repay the loan. These assets can help you reinstate your loan.
  • File for bankruptcy. In most cases this can buy you time to find resources to repay your loan if you’re at great risk of foreclosure.

Charlotte, North Carolina Foreclosure Process

The primary method of foreclosure in Charlotte, North Carolina involves non-judicial foreclosure. This type of foreclosure does not need the involvement of the court but requires notice commonly referred as a sale under the power of sale. There is a power of sale clause in the mortgage and upon default; the law gives the attorney power to foreclose the property in order to pay for the bond.

Below is the process of non-judicial foreclosure/power of sale foreclosure:

  1. A notice of sale must be mailed to the borrower at least20 days before the sale through registered mail.
  2. The Notice is then published in the local newspaper once a week for 2 consecutive weeks with the last ad being published not less than 10 days before the sale of the property.
  3. The notice is then posted on the courthouse door for 20 days before the sale. This notice must name the borrowers, the lenders, and provide the property description on sale with the venue and date of the sale.
  4. The sale is done at the courthouse between the hours of 10:00 am and 4:00 pm.

It is advisable to repair your credit if you’ve undergone foreclosure.