Learning that your property is at risk of foreclosure is scary and, for some, it seems like the end of the line. However, nothing can be further from the truth.
If you’re facing foreclosure, it means that you’ve missed a few payments on your mortgage, but foreclosure laws in Durham, NC will mean that you’re made aware of this possibility long before anything becomes final. The good news here is that there are still options you can take to either prevent the foreclosure or reduce the impact that it can have on you and your credit score. Keep reading to find out more.
Foreclosure process in North Carolina
If you fall behind on your mortgage payments, don’t worry about ending up in foreclosure just yet. That period after missing payments is called “preforeclosure” and it’s the start of longer process that can end in your house getting repossessed and auctioned off. Foreclosure laws in Durham, NC will offer some protection and also allows for ways to alleviate this problem. Through these foreclosure laws in Durham, you’ll most likely get the right to:
- Preforeclosure notices
- Apply for loss mitigation
- Receive certain foreclosure notices
- Get current on the loan and stop the foreclosure sale
- Receive special protections if you’re in the military
- Pay off the loan to prevent a sale
- Redeem the property after the sale
- File for bankruptcy
- Get any excess money after a foreclosure
Options if you’re trying to keep the home
If you’re facing foreclosure but you’re looking to keep the home, the main objective for you is trying to pay back the loan or at least get current on it. This means making payments again as soon as possible. In this case, the best thing for you to do is to talk to your lender.
Not many people realize this but banks and lenders stand to make more money through your regular payments as opposed to a foreclosure. It takes time and money to sell a home, and even then, it might not fetch them enough to recoup the cost.
If this sounds like your situation, get in touch with your lender and see what can be done to help you get back on track with your payments. They may be able to modify your loan letting you make smaller payments that you can afford over a longer period of time.
Sell my home in foreclosure in Durham, NC
On the other hand, if you don’t need to keep the home, or maybe it’s more cost effective for you to give up the house and look into renting or stay with relatives in the meantime, then the next best option for you is to sell your Durham, NC home in foreclosure.
Foreclosure laws in Durham, NC will allow you some time to deal with the foreclosure before your lender has the right to take possession of the home and auction it off. During this time, you have the option to sell your house, but you will need to sell your house fast in Durham as you’re on the clock.
While you can always list your home on the market, this will usually take some time, even with a real estate agent by your side. As there is a definite time limit for when you can sell your house, you have to make sure that you have a way to sell the Durham, NC house fast.
Lucky for you, a quick and easy way to do this is with a professional homebuying company like Jolific Homes. We buy houses in Durham, NC in any condition and we can provide a fair cash offer in just a few days.
Through Jolific Homes, you can be assured of two things: you’re assured that you can sell my house fast in Durham and you won’t have to worry about getting any repairs or inspections done as we buy houses in Durham in any condition. With Jolific Homes, you’re put in the driver seat of the sale since you get to choose your closing date after knowing how much you can get for the home.
Reach out to Jolific Homes today and see how we can help you sell your house fast and solve your foreclosure issues!