Hey all, looking for an attorney in NC that can handle a note that I bought. I have some allonge questions but looks like I need to initiate FC as they disappeared shortly after the goodbye/hello letters were sent out between servicers.
Lesson learned, ALWAYS assume re-performers not going to perform.
Second question, in NC if the property is worth 50K and the debt (in this case a loan modification) is for $29K do I only get the property if it goes for less than $29K? It's a real bummer that they stopped paying as soon as the mod was processed because the seller wiped out a bunch of their debt. Thank you all.
@Joseph Blauwiekel - As the foreclosing lienholder you can set the initial bid for the Sherriff's sale up to the amount you are owed plus foreclosure costs (attorneys fees). (This is true in most states. OH for example, has some strange rules regarding lienholder bids. Check with your attorney on the rules.) If you want a chance at retaining the property, you would set the bid at the max. If you want it to sell at the sale, you might set it to a level that would be attractive to bidders which might be less than the amount you are owed. If there are no bids above yours at the sale, you get the property. If someone bids higher than you, they get the property and you receive the proceeds from the sale up to the amount you are owed.
Great, thanks @Mike Hartzog - that's about what I was tracking for the process but wanted to make sure. I'm currently in the weeds on a recording issue but look to send a demand letter here soon to get the process started.
Thank you again for the feedback!
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