Avoiding Foreclosure In North Carolina With A Fast Cash Home Sale

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Sell My House To Avoid Foreclosure In North Carolina

If you are facing foreclosure on your home in North Carolina, it is important you act fast! Foreclosure in North Carolina is governed by NC General Statutes, which specify the steps and process that occurs. In North Carolina, foreclosure simply “a method of enforcing payment of a debt“. This is common amongst properties where the owner is behind on mortgage payments to the bank, or tax payments to the county. If you have been notified that your loan is in default or that you are behind on taxes to the county, you are at risk of losing your property. However, you have time and can still sell your house for cash!

Cardinal House Buyers is a local North Carolina real estate solutions company that has helped many homeowners avoid foreclosure. We can help point you in the right direction, provide information, and even buy your house! We work with experienced and knowledgeable North Carolina real estate attorneys who can work quickly to help you avoid foreclosure. When you sell your house in North Carolina for cash to us, we help you avoid having a foreclosure on your credit report. If you let your property go to foreclosure, this will negatively impact your credit score for up to seven years. This will make getting any type of credit extremely difficult. Avoid these hassles by selling your house for cash to Cardinal House Buyers. If your property has not progressed to auction in North Carolina, then there are multiple options to help on the table. However, as soon as your property has been auctioned, the options become very limited. Do not waste time, reach out to Cardinal House Buyers today to learn how we can help you avoid foreclosure and buy your house for cash in North Carolina.

If you’re ready to sell your North Carolina house for cash, fill out the form below to get started! Or contact us to have any of your questions answered!

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What Is Foreclosure In North Carolina?

In North Carolina, foreclosure is a process by which property is sold to pay or settle any debts or liens. The most common foreclosures are mortgage and delinquent taxes. However, homeowners associations (HOA), contractors, and others can all file liens against your property and ultimately foreclose on it to pay the lien off. Many properties that are behind on taxes are also inherited properties, adding to the complexity of the issues. If you are considering a sale of your NC home that is in pre-foreclosure or headed to auction, Cardinal House Buyers can help. We have worked with many North Carolina sellers to buy their house and help them avoid foreclosure. When you sell your house in North Carolina that is in foreclosure, the debt or lien is settled from the proceeds of the sale. If you allow your property to proceed through the foreclosure process, the North Carolina home is sold at auction and you lose all rights to the property!

To formally move forward with the foreclosure auction, you must be at least 120 days delinquent on any payments. This can be moved up if you are subject to an additional foreclosure. For example, if you had a mortgage with one bank and a home equity line of credit (HELOC) with a second bank, and the first bank started foreclosure proceedings, the second bank can join the foreclosure even if you are current on payments.

How Long Does Foreclosure Take In North Carolina?

The foreclosure process in North Carolina can take at least three months, but sometimes longer due to delays by the lender or the North Carolina upset bid period. As the person in debt (the borrower), you are in control of the time the foreclosure process takes too. It is important to communicate effectively with your lender about your North Carolina home. The sooner you can provide them information, the more likely they can help.

Missed Mortgage Payment On Your North Carolina Home

This will occur in the first 15 days of a month. Once you have missed a mortgage payment on your North Carolina home, the lender will mail you a notice of default letter. This letter will acknowledge that you have missed a payment, are at risk of foreclosure, and will provide an amount and deadline to get caught up on payments. This is usually your last good opportunity to work with the lender on a loan modification or additional time to catch he mortgage up. At this stage of the foreclosure process, you are still the owner of your North Carolina and have all options to sell or reinstate the loan.

Acceleration Of Mortgage And Notice Of Sale Of Your North Carolina Home

If you are not able to get your account current by the deadline, the lender will “accelerate the loan“. This means that the full amount of the loan will become due and need to be paid immediately. This typically occurs 30 days after your first missed payment. During this time, the lender will mail a “notice of sale” to you and file the same document with the county clerk to formally announce and schedule the foreclosure sale. In North Carolina, this must be posted for twenty days and published in a local newspaper before the property can proceed to auction. The notice of sale will tell you when and where the auction of your North Carolina home will take place. The auction is typically at the local county courthouse. During this portion of the process, as owner, you still have the right to sell your house in North Carolina. If you do not believe you can get caught up on payments, this is a great time to get a cash offer for your North Carolina home.

Notice Of Hearing For Your North Carolina House

The next step in the North Carolina mortgage foreclosure process is receiving the notice of hearing from the local clerk of court. The notice of hearing will tell you the time, date, and place for a hearing to determine if the foreclosure auction needs to move forward. This typically happens in the second month, or 60 days, after your first missed payment. The hearing is often in the courthouse with the clerk of court. Since North Carolina is a “power of sale” state, the a judge is typically not involved, and your interactions will be with the clerk of court. The next step after the hearing in North Carolina is the auction date. Time is starting to run out, and if you want to sell your house for cash, this is typically your last chance before some options to sell are unavailable.

Foreclosure Sale Of Your North Carolina Home

Unfortunately, at this stage of the foreclosure process, there are very few options available to help you keep your home. In terms of selling your home, there are still options on the table but they are limited. In North Carolina, foreclosure auctions are typically scheduled 120 days after your first missed payment. After the auction, you are legally still considered the owner, despite the property “selling” at auction. If your North Carolina property has gone to auction and you want to explore options, please reach out to Cardinal House Buyers as soon as possible! Time is of the essence and we can help you sell your house fast in North Carolina.

Can I Sell My House After The Foreclosure Auction In North Carolina?

Even though your North Carolina home just sold at auction, you still have the legal right to sell your home! This is due to laws in North Carolina that allow for a 10-day upset bid period. This is also called the “redemption period” and allows the North Carolina homeowner to buy the property back to settle the debt. This means paying the balance of the existing loan, any late fees and charges, attorney fees, and fees associated with the foreclosure proceedings. The total cost to buy the home back during the upset bid period can be substantially higher than what you owed on your North Carolina property.

Benefits Of Getting Cash For Your Home In Foreclosure In North Carolina

There are plenty of benefits to avoiding foreclosure and getting cash for your home in North Carolina. The main benefit is avoiding a foreclosure on your credit report. In these situations a guaranteed sale, a fast sale, avoiding North Carolina real estate agents, and avoiding the headache of foreclosure can all be huge benefits! If you are asking “how do I sell my house in foreclosure in North Carolina“, then give Cardinal House Buyers a call today!

Avoiding Foreclosure In North Carolina

When you avoid foreclosure you eliminate that foreclosure from ever showing up on your credit report. Some attorneys in North Carolina advise filing for bankruptcy, but this typically delays the inevitable and will then show a bankruptcy on your credit report as well. By selling your North Carolina home to a local North Carolina cash home buyer, you can avoid all the problems foreclosure can bring to your life.

A Guaranteed Sale Of Your North Carolina Home

Cash for houses companies have the highest purchase rates of any buyers. While approximately 4-5% of home sales fall out of contract when selling on the North Carolina MLS, those homes often benefit from a cash sale. Properties usually fall out of contract for three reasons: damage, buyer financing problems, or a low appraisal. All three reasons that a North Carolina property comes out of contract on the MLS are not reasons a cash sale would fall through. There is no financing in a cash for houses offer, which means there is also no appraisal. Cash for houses companies buy homes with the intent of repairing the damage, so that is not a reason either. The surest way to sell your house is for cash to a local, trusted, cash for houses company like Cardinal House Buyers!

A Fast Sale Of Your North Carolina Home

With a cash offer for your North Carolina home in foreclosure, you could be 10 days away from selling! Cash offers have no financing, appraisals, or other contingencies that might delay the sale. A cash sale of the property being auctioned off in North Carolina is the fastest way to sell your house! Avoid foreclosure and sell your house fast for cash in North Carolina!

Avoid North Carolina Real Estate Agent

If you have considered selling your property in North Carolina, you may have looked into how much a realtor costs. In North Carolina the typical real estate agent fees range from 5 to 10% of the sale price! This means the more you sell your house in North Carolina for, the more you owe your realtor! For someone in foreclosure, this can be a very difficult situation to solve. Selling through a realtor can be expensive and time-consuming, both of which are not helpful when you are facing foreclosure. Most sellers of North Carolina property don’t realize that they also pay the North Carolina real estate agent of the buyer. All of these commissions add up to be a substantial chunk of money that you don’t keep when selling your North Carolina property. When you sell your house fast for cash in North Carolina, you can avoid the headache of North Carolina realtors!

We Buy Houses Anywhere In North Carolina!

We buy houses all across North Carolina. We buy properties as-is too! We are cash home buyers in North Carolina and can help you sell your house fast! We buy houses, we buy land, we buy multifamily, we buy mobile homes, and we buy townhomes. If you need to sell your house in Charlotte, Raleigh, Durham, Wilmington, Asheville, Greensboro, Winston-Salem, or anywhere in between, we can help!

Common Questions: Selling A Home In North Carolina In Foreclosure

Before getting cash for your house in North Carolina, you may have a few additional questions. If you would like to speak with someone at Cardinal House Buyers, feel free to reach out directly to us! Listed below you will find answers to some common questions!

What Is A Lien?

A lien is a legal claim to property that has been put up as collateral to satisfy a debt. An easy example is a “mechanics lien”, which protects a contractor working on your home from risk of not getting payment. If you choose not to pay your North Carolina contractor, they can file a lien against your North Carolina house for a value of the work they performed. This means that when you sell the home, the lien is paid out of the sale proceeds to the contractor. A lien in North Carolina also gives the lien holder authority to begin foreclosure proceedings against you to collect the debt.

Can My Homeowners Association Really Foreclose On My North Carolina Home?

Yes! Unfortunately, this is terrifying and true. Homeowners Associations can be brutal with enforcement of their rules and regulations. If they believe you violated their covenants and bylaws they can fine you and place a lien on your property. This gives the HOA in North Carolina the power to start foreclosure proceedings to collect payment. There are numerous terrifying examples of this happening in North Carolina and the homeowner fighting the HOA!

What Is The Difference Between “Cash For Houses” And Listing My Home For Sale?

When you accept an all cash offer, this is typically the net amount to you, the North Carolina seller. When you list your home for sale, the number that you list at is not the amount of money you will take home when your North Carolina home sells. When listing on a North Carolina MLS, you must pay your realtor, the buyers realtor, closing costs, taxes, fees, and possibly repairs to the home. You must also wait (on average) over 90 days before selling your home on the MLS with a North Carolina real estate agent. This is what makes a cash sale of your North Carolina property so convenient, as you know exactly how much you will make at the beginning of the process.

How Do I Know A North Carolina Cash Home Buyer Is Legit?

It is important to determine if the North Carolina cash home buyer you’re working with is legitimate. Do they have 5-star reviews on their Google Business Page? Do they have social media profiles? Do your due diligence on who you are working with to ensure they are a reputable, local, North Carolina company.

Do I Need To Repair Or Clean My North Carolina House Before Selling?

Nope! Leave anything you don’t want and we will take care of the rest. If there are family heirlooms, personal belongings or valuables from your North Carolina home please take these. We will donate any items or furniture you request and we will junk the rest!

How Fast Can I Sell My NC Home For Cash?

We can close transactions in as little as 10 days! This allows time to arrange the closing, on your schedule, and complete the paperwork and title search. This ensures that everything about the sale of your North Carolina home is legal and correct. We only work with the best real estate attorneys in North Carolina, who are licensed and understand how to help us sell your house for cash!

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