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If you fell behind in your mortgage payments you may be staring down a foreclosure. It’s normal to be worried about losing your house and all you’ve invested in it. A lot of homeowners just give up and decide to accept their unfortunate fate. It’s important to note that you do have some rights. Lenders must go by North Carolina state laws. So now you may be wondering how long can I stay in my house after foreclosure? Let’s answer this and other questions about the foreclosure process and the options you have available.
Perhaps the first question beyond can I stay in my house after foreclosure, is how long does the foreclosure process take? In general, from the time you miss your first mortgage payment to the end of the foreclosure, it will likely take between three to six months. A lot depends on your specific mortgage company and how aggressively they pursue your case. Usually, you will get a notice that states the foreclosure date. From there it’s just a countdown. In a no-response or default situation in North Carolina, your home can be sold at a foreclosure in 45 to 60 days. These time constraints apply to situations where you, as the homeowner do not respond to the notices according to the procedure outlined in the North Carolina Property Code.
If you are facing a foreclosure, you may want to know how to stop eviction after foreclosure. Or you may still be asking can I stay in my house after foreclosure? In North Carolina, the constable’s office in the county where the house is located will serve an eviction notice. The notice will have a court date for the eviction hearing. Once the judge issues the ruling, you will only have five days in which to vacate or appeal the judge’s ruling. If you remain in your house after the eviction date, the constable will post another notice on the door and give you only 24 hours to get your things out. They do have the authority to physically remove occupants and put all the possessions out of the house. In general, the North Carolina eviction and foreclosure process can be done in less than 60 days from the time the first notice is filed.
It may be difficult to say how to stop eviction after foreclosure, but you may have a couple of options. One option is to file for bankruptcy. However, you’ll have to meet the pre-filing requirements and qualify for the bankruptcy. For many people, especially closer to the foreclosure and eviction, this is not a viable option.
You may also be able to talk to the lender and ask for a loan forbearance. In this situation, a lender agrees to suspend your payments for a short time while you work through financial difficulties. This option will depend largely on the lender. But in some instances, a forbearance may give you the time you need to avoid an eviction.
Another option that works for many homeowners who are facing foreclosure is selling to a cash buyer. Investors will offer cash for your home and this in turn can be used to pay off the lender and stop the foreclosure process. In some instances, lenders will offer a short sale option that can help stop the process. So if you are asking can I stay in my house after foreclosure, yes you can until the judge renders an eviction notice. Up until that point, you can explore the above options. Once the foreclosure has ended, the lending facility will auction the house and you will have no options left.
Cash buyers can be very effective at relieving you the stress of being foreclosed on to begin with. With a cash buyer, you no longer have to ask can I stay in my house after foreclosure. Working with a cash buyer is better than facing foreclosure and can also be better than a short sale. As a matter of fact, if you take action quickly and work closely with a cash home buyer you can reap the benefit. For most it is also better than bankruptcy which can have a negative effect on your credit for years to come. You can work with an investor and avoid foreclosure.
Another advantage to working with a cash buyer is that you will retain some control over the selling price. This means you may have a better chance at retaining some of the equity you’ve built up. In some cases, the homeowner can pay off the mortgage and have some money left. This can also help protect the homeowner’s credit.
If the foreclosure is completed and you are evicted, you may wonder what happens after your house is auctioned. In North Carolina you cannot get your house back. So your next question may be to figure out how to auction my house fast. If you can sell your house fast to a cash buyer, you may be able to avoid the foreclosure altogether. You might consider a discussing a short sale with your lender, but it still may not be enough. And it might not be the best deal. A real estate investor can buy your house for cash and possibly help you avoid foreclosure completely, that would be the best scenario possible. Speak to a cash home buyer as soon as you can to explore the options you have available.
If your house is being foreclosed, you’re stuck looking for a new place to live. At Druther Home Buyers, we’ll buy your house for cash and give you a simple and affordable renting option until you move into your new home. We’ll make you a no obligations cash offer for your house in order to help you avoid the stress of foreclosure.
Have a question? Give us a call! We’re always ready to talk. No matter if you have questions about the foreclosure process, or want to get a quote for your house, we’re more than happy to help! Reach us at 910-275-5152, or send us a message on our website!