Final Report and Account of Foreclosure Sale: This is an official form from the North Carolina Administration of the Courts (AOC), which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by North Carolina statutes and law.
North Carolina Final Report and Account of Foreclosure Sale
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State:
North Carolina
Control #:
NC-SP-402
Format:
PDF
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FAQ
A foreclosure is a significant negative event in your credit history that can lower your credit score considerably and limit your ability to qualify for credit or new loans for several years afterward.
Foreclosure is one way out of the game, but with steep implications. It can completely destroy one's credit rating for years to come, and make it difficult to get a needed loan later on.The advantages of foreclosure include being able to stay without paying rent for a while.
Phase 1: Payment Default. Phase 2: Notice of Default. Phase 3: Notice of Trustee's Sale. Phase 4: Trustee's Sale. Phase 5: Real Estate Owned (REO) Phase 6: Eviction. The Bottom Line.
A home foreclosure is not the end of the world; there are many options available to homeowners that are facing one. While it may seem that you have few options, or that your world is falling apart, remember investigate all options prior to making a decision.
A foreclosure stays on your credit report for seven years from the date of the first related delinquency, but its impact on your credit score will likely diminish earlier than that. Still, it's likely to drag down your scores for several years at least.
You can stop the foreclosure process by informing your lender that you will pay off the default amount and extra fees. Your lender would prefer to have the money much more than they would have your home, so unless there are extenuating circumstances, this should work.
Foreclosure is what happens when a homeowner fails to pay the mortgage.If the owner can't pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn't sell there, the lending institution takes possession of it.
You can bring your loan current and stave off the foreclosure sale filing by paying the past due amount, plus penalties.You typically have to reinstate at least five days before the lender's deadline or risk the lender rejecting your payment and proceeding with a sale.
Banks are run like a business because they are a business looking to earn a profit. If it costs more to foreclose over agreeing to a short sale, the bank is very likely to favor the short sale. With foreclosure, a bank takes possession of the house, then resells it at a mortgage auction to the highest bidder.