Subject: Urgent Notice — North Carolina Sample Letter to Stop Foreclosure Sale Dear [Lender's Name/Loss Mitigation Department], I am writing this letter as a desperate plea to halt the impending foreclosure sale of my property, [Property Address], in accordance with the laws and regulations of North Carolina. I have made every effort to remedy the situation and seek a resolution that allows me to keep my home. Firstly, I would like to express my sincere willingness to work constructively with your esteemed institution to rectify the current arrears on my mortgage. Despite confronting unexpected financial hardships, I am determined to regain stability and meet my obligations responsibly. With the help of this letter, I aim to bring to your attention the vital factors that led to my current predicament and propose a potential solution. Unfortunately, I found myself facing a series of unforeseen circumstances that affected my financial standing, making it impossible for me to keep up with the mortgage payments. [Explain the circumstances, such as a loss of employment, unexpected medical expenses, or other genuine hardships that led to the missed payments]. These unfortunate events have left me in an unfavorable position to fulfill my financial obligations at this time. However, I would like to emphasize my commitment to resolving this matter. Enclosed with this letter, you will find a detailed financial statement, which outlines my current financial situation, including my income, expenses, and any additional sources of revenue. I have thoroughly analyzed my budget and made adjustments to accommodate future mortgage payments. I am exploring all possible avenues to bring my mortgage current and demonstrate my sincere intent to fulfill my obligations. Furthermore, I am, therefore, kindly requesting an immediate cessation of the foreclosure sale process on my property to allow for further discussions and negotiations. This extension will grant us the opportunity to reach a mutually beneficial agreement and potentially explore alternatives, such as loan modification, forbearance, or any other loss mitigation options your institution may provide. Furthermore, I kindly request that you provide me with a point of contact within your loss mitigation department, who I can directly communicate with regarding this matter. Having a dedicated contact person will ensure effective collaboration and swift resolution. Please include their name, title, direct phone number, and email address in your response. I genuinely believe that by working together, we can find a solution that benefits both parties involved — allowing me to regain financial stability while ensuring your institution does not suffer any losses in the long run. I anticipate your prompt attention to this matter and request a decision from your esteemed institution within [reasonable timeframe, e.g., 14 days] from the date of this letter. Should you require any additional information or documentation, please do not hesitate to contact me. Thank you for your immediate attention to this critical matter. I look forward to your prompt response and the opportunity to resolve this situation amicably. Sincerely, [Your Name] [Your Address] [City, State, ZIP] [Phone Number] [Email Address] Additional Types of North Carolina Sample Letters regarding Stop of Foreclosure Sale: 1. North Carolina Sample Letter of Reinstatement: This type of letter may be used when the borrower has paid off the delinquent amount in full and requests the lender to reinstate the mortgage loan, thereby stopping the foreclosure process. 2. North Carolina Sample Letter of Loan Modification: This letter is employed when the borrower aims to modify the terms of their mortgage, potentially reducing the monthly payment and preventing foreclosure. It requests the lender's cooperation in renegotiating the loan terms. 3. North Carolina Sample Letter of Forbearance: Here, the borrower seeks temporary payment relief due to a specific financial hardship. The letter requests the lender's agreement to suspend or reduce mortgage payments for a predetermined period, allowing the borrower time to resolve their financial difficulties. 4. North Carolina Sample Letter of Short Sale: When a borrower is unable to sustain mortgage payments, a short sale may be considered as an alternative to foreclosure. This letter outlines the borrower's willingness to sell the property, requesting approval and cooperation from the lender. Remember, the content and structure of these letters may vary depending on the individual circumstances and the requirements of the lender. It is crucial to personalize the letter and include accurate details to increase the chances of a positive response.
North Carolina Sample Letter regarding Stop of Foreclosure Sale
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How to fill out North Carolina Sample Letter Regarding Stop Of Foreclosure Sale?
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FAQ
After the 10-day upset bid period expires and the home is transferred, the new owner has the right to evict you from the property after giving you proper notice and time. The Sheriff will typically post a notice on the property and evict within 20-30 days after the deed to the home transfers.
The foreclosure hearing may come as soon as 20 days after you get the Notice of Foreclosure Hearing. Judges generally do not hear foreclosures. North Carolina is what is called a ?power of sale? state. This means that generally no judge will hear a foreclosure, instead foreclosures are heard by the clerk of court.
What Are the Options Available for Borrowers During Foreclosure in North Carolina? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before or after the sale, or filing for bankruptcy.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
A foreclosure sale can be finalized at the conclusion of the ?upset bid period.? Once the foreclosure sale is conducted, there is a 10-day period in which other bidders may place a higher bid, or ?upset bid,? for the real property.
While many states say that sales are final, you are given a short period in which you can redeem your home under North Carolina law. This period lasts for just ten days after the home is sold.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
