Charlotte Foreclosure Laws & Lawyers

Charlotte foreclosures saw a decline in the foreclosure rate in March, 2009 for 4 out of 5 consecutive months.  The numbers for Q1 2009 are down 37.60% from the same time in 2008.  Though the Charlotte foreclosure trend looks encouraging, there were still over 3,600 foreclosure homes at the end of March, 2009.

Charlotte Foreclosure Laws

Homeowners facing foreclosure in Charlotte have a short time in which to act before losing their home.  With an average time span of only 60 days, Charlotte homeowners must be knowledgeable in foreclosure laws in order to act quickly.  Charlotte foreclosure laws are set by the state of North Carolina. 

Here is a summary of the foreclosure laws in Charlotte:

Judicial and Non-Judicial Foreclosures in Charlotte

Judicial foreclosures must go through the courts.  Usually on older mortgage documents, there is no “Power of Sale” clause that allows a lender to bypass the court process.  A judicial foreclosure starts with the lender filing a lawsuit to get a foreclosure order.  After a short time period in which to respond, the order is issued, the home is then given a notice of sale, and an auction is scheduled 20 days or more from that time.

A non-judicial foreclosure gives the lender the right to bypass the court system with a Power of Sale clause, which is usually found in more recent Deeds of Trust.  A trustee, usually a title company, escrow company, or bank, is given the order by the lender to proceed with a trustee sale.  Initial notices are sent to the borrower in which they have time to redeem the mortgage, which is usually about 30 days.  If the loan default is not cured, the trustee proceeds to obtain a notice of sale from the Mecklenburg County court clerk.  Once the notice of sale is given, the lender must notify the borrower at least 20 days before the sale and publish the notice of sale in the local newspaper(s) for two consecutive weeks before the sale.

Finding Charlotte Foreclosure Help

Charlotte homeowners enjoy some of the lowest foreclosure rates in the country.  Though Charlotte foreclosures are few, there are still many homeowners who must face a challenging pace once a foreclosure is filed.  It is important for homeowners to know where to go for help if that happens.

A certified Charlotte foreclosure lawyer will usually provide a free consultation to review the case and determine if their services can help the borrower.  A qualified foreclosure lawyer specializes in Charlotte foreclosure and real estate laws and can provide the best advice and strategy during the foreclosure process.

• If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified
  
  Foreclosure Attorney in Charlotte to see your best options you have available to avoid Foreclosure.