Repossessions & Foreclosures in Charlotte
Helping You Save Your Home, Vehicle or Other Assets
If you have briefly fallen behind on your payments of a loan secured by your home, car or other asset, a repossession or foreclosure may be in your future. Confusing procedures and laws are involved in these types of actions, so seeking the advice from our attorney at Schwilm Law Firm, PLLC is imperative. We have more than 15 years of experience and knowledge to guide you in obtaining a successful, positive outcome. The sooner we are involved, the better your chances of keeping your asset and working out your financial troubles.
Assisting You With the Foreclosure Process
The foreclosure process in North Carolina involves many stages:
- The lender must provide you with written notice of your payment default before initiating foreclosure proceedings.
- If you fail to take any action, your creditor obtains a judgment against you and a sheriff’s sale to auction your property is scheduled.
- At the auction, title is transferred to the highest bidder subject to your redemption rights. Note that your right to redeem the property means that you can take your home back after the auction by paying the mortgage, interest, fees, court costs and attorney fees.
- At the end of the redemption period, you are evicted if you are still living in the home.
A foreclosure of your home may be prevented. If you make sufficient income, our Charlotte bankruptcy attorney at Schwilm Law Firm, PLLC can stop a foreclosure in its tracks. We also can give you advice on how a bankruptcy filing may affect a
foreclosure. Let us explain your legal options that may result in you keeping your home.
Your Rights During the Repossession Process
Below are a few factors to consider regarding your rights in the repossession process:
- Your creditor is not required to give you advance notice before repossessing your asset.
- The creditor or its repossession agent is allowed on your property to seize your asset as long as a "breach of the peace" does not exist.
- If you suspect that your asset is going to be repossessed, you should remove all of your personal items as soon as possible. Getting back your belongings after your asset has been repossessed is often difficult.
- After the repossession, the creditor may demand that you pay the balance of the loan in full, plus the costs of repossession. If you do not pay these costs to get your asset back, the creditor has the right to sell it through a public or private sale. You should be notified of the time and place of the sale.
- After the asset has been sold, you are notified by the creditor about whether you still owe money for the "deficiency balance." The deficiency balance is the amount owed after the proceeds from the sale have been applied to your total loan balance.
If you are facing repossession of an asset, contact our Charlotte bankruptcy attorney to help you determine your legal options and your soundest course of action.
Schedule Your Free Consultation
Do not risk losing your home, auto or other important asset to foreclosure or repossession. Contact Schwilm Law Firm, PLLC at 704.567.5252 or
online to schedule a free and confidential initial consultation. Serving the Charlotte metropolitan area, our convenient office offers ample parking.