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Under federal law, in most cases, a mortgage servicer can't start a foreclosure until a homeowner is more than 120 days overdue on payments.
While many states say that sales are final, you are given a short period in which you can redeem your home under North Carolina law. This period lasts for just ten days after the home is sold.
How Long Does the Typical Foreclosure Process Take in North Carolina? It takes approximately three months to complete a non judicial foreclosure in North Carolina if everything goes smoothly. It may take longer than three months if the borrower fights the foreclosure or if the lender seeks a judicial foreclosure.
The only exceptions to the 120-day rule are: The loan was a temporary loan such as a construction loan. The home isn't in a 1-4 unit family dwelling. The home isn't in a state or territory of the United States.
The lender or servicer cannot start the foreclosure process until at least 30 days after contacting you to make this assessment. The lender or servicer must advise you during the first contact that you have the right to request another meeting about how to avoid foreclosure.
For most notices of error, a servicer must acknowledge the request within 5 business days of receipt, and respond within 30 business days of receipt.
Additional resources for avoiding foreclosure An expert from a housing counseling agency can guide you as you try to work with your mortgage company to avoid foreclosure. You can find a local HUD-approved expert online, or call HUD's Office of Housing Counseling at (800) 569-4287.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.