M
maria1
Guest
What is the name of your state?North Carolina
We live in NC and I am hoping that someone knows a bit about NC law.7 years ago my husband and I inherted (sp) two pieces of land.On one piece there was a house.These lots were side by side.After a few months we decided to take out an equity loan so we could finance some repairs on the house.This loan was only on the lot with the house.A year into this loan we were having severe financial trouble.We defaulted.As soon as we got the letter about the forclosure we moved out.The house was still in good shape.
Several weeks after as we were waiting for the forclosure to be done with,we noticed on an ariel map that the house was sitting across the propety line onto the vacant lot without the lein.We called the mortgage co and explained this to them.We offerd to sign the vacant lot over to them in leiu of forclosure.Two years passed and they still hadn't decided/We offered to have the property split in the other direction so they would have the whole house and we would still retain a lot.Anyway none of these plans were ever acted upon (they seemed interested,but,did nothing) sometimes they didn't seem to know what we were talking about when we would call.Shortly after we first made these offers,Hurricaine Floyd came through and the house lost a good portion of the roof.No isnurance (we were only able to make the mortgage pmts/insurance pmts for 1 year.)
Two years ago the City of Raleigh sent us a letter saying we needed to fix about $10,000 worth of stuff to bring it up to code.We didn't have the money.Eventually they just paid to tear it down.Now they have a lein on the property too.The city attorney said they planned to sell it in several weeks.
Before we found out about the pending sale we had found another home.We hadn't lived in anything that we owned for 6 years and someone offered to "help" us secure financing.Obviously we probably have credit scores of 110.The new house is under contract now and we should hear for sure in a couple of weeks.This property is in another county.
Ok my questions. When the City of Raleigh auctions off the old property...what happens to the old mortgage company?One attorney said they would probably just write it off and close the file.She explained that they would be given the chance to bid on it with everyone else and if not they should just close the file.Is this so,I can't see how they could just let $40,000 go like that.Or do they then come after us? If they will come after us,how can we protect our new home .There must be some way.It will be a couple of years before it will have much of any equity built up and I'm afraid these mortgage people will have a judgement against us and take it.I don't think NC has a homestead law.There is a small amount of equity that is exempt...not sure of the amount.Would we need to refinance the entire amount every couple of years to stay below that exempt level?Does anyone happen to know what the judgement exemption amounts in NC are? I know real estate has a 10 year sol.They have 4 more to go.I am desperate.We tried to do the right thing by them ,but,when they chose not to respond...well.We hired an attorney 3 years ago to offer them the vacant lot once more and they wouldn't even answer her.We have no contact with this company in several yrs. and in fact the loan has been sold several times and I am not sure who has it now.It just seems wrong that it isn't over with.Please,I sure could use some ideas here.6 yrs and no forclosure.Sorry this was so long.
thanks,April
We live in NC and I am hoping that someone knows a bit about NC law.7 years ago my husband and I inherted (sp) two pieces of land.On one piece there was a house.These lots were side by side.After a few months we decided to take out an equity loan so we could finance some repairs on the house.This loan was only on the lot with the house.A year into this loan we were having severe financial trouble.We defaulted.As soon as we got the letter about the forclosure we moved out.The house was still in good shape.
Several weeks after as we were waiting for the forclosure to be done with,we noticed on an ariel map that the house was sitting across the propety line onto the vacant lot without the lein.We called the mortgage co and explained this to them.We offerd to sign the vacant lot over to them in leiu of forclosure.Two years passed and they still hadn't decided/We offered to have the property split in the other direction so they would have the whole house and we would still retain a lot.Anyway none of these plans were ever acted upon (they seemed interested,but,did nothing) sometimes they didn't seem to know what we were talking about when we would call.Shortly after we first made these offers,Hurricaine Floyd came through and the house lost a good portion of the roof.No isnurance (we were only able to make the mortgage pmts/insurance pmts for 1 year.)
Two years ago the City of Raleigh sent us a letter saying we needed to fix about $10,000 worth of stuff to bring it up to code.We didn't have the money.Eventually they just paid to tear it down.Now they have a lein on the property too.The city attorney said they planned to sell it in several weeks.
Before we found out about the pending sale we had found another home.We hadn't lived in anything that we owned for 6 years and someone offered to "help" us secure financing.Obviously we probably have credit scores of 110.The new house is under contract now and we should hear for sure in a couple of weeks.This property is in another county.
Ok my questions. When the City of Raleigh auctions off the old property...what happens to the old mortgage company?One attorney said they would probably just write it off and close the file.She explained that they would be given the chance to bid on it with everyone else and if not they should just close the file.Is this so,I can't see how they could just let $40,000 go like that.Or do they then come after us? If they will come after us,how can we protect our new home .There must be some way.It will be a couple of years before it will have much of any equity built up and I'm afraid these mortgage people will have a judgement against us and take it.I don't think NC has a homestead law.There is a small amount of equity that is exempt...not sure of the amount.Would we need to refinance the entire amount every couple of years to stay below that exempt level?Does anyone happen to know what the judgement exemption amounts in NC are? I know real estate has a 10 year sol.They have 4 more to go.I am desperate.We tried to do the right thing by them ,but,when they chose not to respond...well.We hired an attorney 3 years ago to offer them the vacant lot once more and they wouldn't even answer her.We have no contact with this company in several yrs. and in fact the loan has been sold several times and I am not sure who has it now.It just seems wrong that it isn't over with.Please,I sure could use some ideas here.6 yrs and no forclosure.Sorry this was so long.
thanks,April