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Guest

We own land that we can no longer pay. We are underwater on the property and the bank has started foreclosure process.

What can the bank come after if a deficiency judgement is awarded. Not much equity in our home. Some cash and stocks but not enough to cover the difference of a land sale.

adonis · Posted: Tue Aug 25, 2009 8:11 pm Post subject:

Hi nclandowner,

Deficiency judgments are allowed in North Carolina. If there is a deficient amount resulting from the sale of the property, then the lender can sue you for the balance amount. If you are unable to pay the deficient amount, then the lender may garnish your wages or can place lien on your other properties.

Guest

I am no longer able to pay my mortgage,how will I be notified when forclosure proceedings begin, then how long do I have to vacate the property.I really need to know what kind of time line Im on thanks greg

jameshogg · Posted: Thu Feb 25, 2010 10:05 pm Post subject:

Hi gregindeep,

Your lender will send you a letter regarding the foreclosure of your property. Once the property is sold off at the foreclosure auction, the lender would give you a 3 day time period to leave the property. You will have to vacate the property within that time period.

Thanks

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deficiency judgements in NC