Understanding your options is the first step toward resolution. This guide outlines common pathways available to homeowners facing foreclosure in North Carolina.
Default occurs when a homeowner fails to make mortgage payments as agreed. This is the early stage where intervention is often most effective.
Foreclosure is the legal process where the lender attempts to recover the balance of a loan by forcing the sale of the property. In North Carolina, this is done through a non-judicial foreclosure process.
Understanding where you are in this process is critical to determining which options may be available to you.
A permanent change to your loan terms that may lower your payment. Can include interest rate reduction, extension of loan term, or principal deferment.
An agreement to bring your account current by adding past due amounts to your regular monthly payments over a set period.
A temporary pause or reduction in payments. Often used during financial hardship. Must be followed by a repayment plan.
Sale of the property for less than the amount owed, with lender approval. Allows for a cleaner exit than foreclosure.
Voluntarily transferring ownership to the lender in exchange for relief from the mortgage debt. May be an option when other alternatives are not available.
Coordinated sale or transition of the property with professional support. May include coordination with title companies and real estate professionals.
Submit your situation for a structured case review to understand which pathways may be available to you.
