Raleigh, North Carolina Foreclosure Attorney
Enforcing creditor rights through foreclosure
Nodell, Glass & Haskell, L.L.P. is dedicated to assisting lenders who are harmed by loan default and who need to foreclose on properties in order to recoup their losses. In the current economic climate, public sympathy mostly sides with homeowners who are unable or unwilling to pay their mortgages. Many remedies have been proposed or enacted to keep delinquent borrowers in their homes.
Restrictions placed on foreclosure have enabled delinquent borrowers who no longer have the means to maintain their properties to essentially squat as their homes fall into disrepair, further damaging lenders and negatively impacting the value of surrounding properties. Moreover, foreclosure restrictions prevent lenders from liquidating distressed assets to free up working capital so they can provide loans for prospective home buyers.
Nodell, Glass & Haskell, L.L.P. has 90 years of combined experience with the North Carolina foreclosure process, and can facilitate your efforts to reclaim your property.
Foreclosure actions to leverage default remedies
Foreclosure is an extreme step, and given the number of foreclosed properties on the market, not one a lender should take lightly. However, it may be necessary in order to compel a recalcitrant borrower to face the reality of his situation. We understand the power of a foreclosure filing to force a delinquent borrower to the negotiating table to develop a solution such as:
- Loan modification
- Short sale
- Deed in lieu of foreclosure
- Mortgage modification
We represent the lender in negotiations to have the terms of the original loan permanently changed to reduce payments to an affordable amount.
A borrower who finds himself paying for a house whose value has fallen may opt for a short sale, which allows him to sell the home for less than the amount he owes on the loan. The bank avoids the time and expense of foreclosure and can earn as much through short sale as it would through a sheriff’s auction.
Deed in lieu of foreclosure
A deed in lieu of foreclosure allows a homeowner to relinquish interest in a home for the amount of the loan by exchanging the deed for the loan cancellation. In areas where the housing market may be picking up, this remedy could be a viable option.
Contact a dedicated North Carolina foreclosure attorney.
Call Nodell, Glass & Haskell, L.L.P. at 919-821-2600 to schedule an appointment in our Raleigh office, or contact our firm online.