Fun generating legal contracts with ChatGPT
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y
7e investments53 Reviews
7 Replies
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes3y7e investments53 Reviews
- Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes3y
This tool has a long way to go. I asked five questions, all in sequence (to build on the prior):
- what happens if you don't pay your mortgage?
- how long does the foreclosure process take in North carolina
- in NC is it possible to pay the lender after the foreclosure sale?
- in NC how many days between a foreclosure sale and completion of sale?
- What is section 45-21.20 of NC General Statutes?
The first two questions were answered with reasonably generic responses, as I would expect. The answer to the third question is 'yes' if you know the statutes or, if you are an AI program, can go out an obtain the applicable statutes and logically deduce the answer. The incorrect answer that was provided is below:In North Carolina, it is generally not possible to redeem the property after a foreclosure sale. Under North Carolina law, the right to redeem the property (i.e., pay the amount owed to the lender in order to keep the property) is generally lost when the property is sold at a foreclosure sale.
However, there are a few limited circumstances under which you may be able to redeem the property after the sale. For example, if the sale was not conducted in a commercially reasonable manner or if the sale price was significantly less than the fair market value of the property, you may be able to challenge the sale and seek to have it set aside.
The NC statute related to the question is NCGS 45-21-20, Satisfaction of debt after publishing or posting notice, but before completion of sale.
In answering the second to last question, the program got really confused and didn't answer the question. The fourth paragraph (image below) of the response is incorrect. When a foreclosure is confirmed, the trustee (not the lender) files a notice of foreclosure (not a "deed of trust"). That is in NC statutes NCGS 45-38. Recording of foreclosure. The AI program hung on the last question as seen below. I would give this a low score for this example.
- Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes3y
A quick follow up.... I pressed the "Regenerate Response" and the program followed up with the following (incorrect) statement:
I apologize for the error in my previous response. Section 45-21.20 of the North Carolina General Statutes does not pertain to foreclosure law. I apologize for the confusion. If you have any additional questions, please feel free to ask.
NCGS Chapter 45 (entitled Mortgages and Deeds of Trust) does indeed cover the Foreclosure process
- Rental Property Investor · Rockford, IL · Member since 2010 · 65 posts · 45 votes3y
- Lender · Nationwide · Member since 2018 · 571 posts · 310 votes3y
- Realtor · San Jose, CA · Member since 2018 · 184 posts · 71 votes3y
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