North Carolina Foreclosure Process

Summary

In North Carolina, even with an agreement for ownership transfer upon loan default, the legal foreclosure process must be followed. If the borrower is deceased and no probate was filed, initiating probate is advisable to manage the estate legally. If a probate was filed but the property was excluded, you may need to challenge the filing or seek a court order to include the property. Consulting with a local probate attorney is recommended to navigate these complex legal processes.

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Is there a law in North Carolina that allows a automatic transfer of deed because of default in loan
Hi ****! In North Carolina, if you default on a loan secured by real property, the lender may initiate a foreclosure process. However, there is no automatic transfer of deed without due process. The foreclosure process generally involves:
- Notice of Default
- Right to Cure
- Foreclosure Hearing
- Auction Sale
Can you provide more details about your situation?
A client signed agreement that if loan was defaulted that we can take ownership
****, in North Carolina, even if an agreement is signed stating that you can take ownership upon default, you still need to follow the legal foreclosure process. This process ensures the borrower's rights are protected. It would be wise to consult with a local attorney to ensure you're compliant with all legal requirements.
Would you like more information on how to proceed with the foreclosure process?
The client is deceased no probate was filed and the family is there squatting
****, in North Carolina, if the client is deceased and no probate has been filed, you may need to initiate a probate process to manage the deceased's estate legally. This might involve appointing an executor to handle the estate and address any outstanding debts or property issues.
Would you like more information on how to begin the probate process?
Can i file default and start foreclosure
****, you can start the foreclosure process, but given the borrower is deceased and no probate was filed, you should consider initiating probate first. This ensures proper handling of the estate and addresses any legal requirements.
Would you like more information on how to start the probate process?
Yes
****, to start the probate process in North Carolina, you generally need to:
- File a petition with the probate court in the county where the deceased lived.
- Submit the death certificate and the will (if available).
- The court appoints an executor or administrator.
- Notify creditors and heirs.
Would you like contact information for the local probate court?
The sister did file but she did not include the house i believe to keep the property out of site
****, in North Carolina, if the sister filed for probate but did not include the house, you may need to challenge the probate filing or seek a court order to include the house in the estate. Consider consulting with a local probate attorney to assist you with this process.
Would you like guidance on finding a local probate attorney?
Ok
****, you should definitely seek legal assistance to address the potential exclusion of the house from the probate filing. This situation can be complex, and a probate attorney can help ensure the property is properly included and managed.
Would you like contact details for a local probate attorney?