Legal Question in Credit and Debt Law in North Carolina

foreclosure proceedings

My mortgage is held by a local credit union. I am unemployed and have had major business loses in the past 2 years. My mortgage payments for November and December were late. I sent the payments January 11(deadline was 1-23), and the January payment on 1-29. My payments are still in my checking account, unapplied because they were late and there were attorney fees that also were due. My account has been frozen.

I have been notified that there will be a hearing on March 1 to determine if the foreclosure will be allowed and when the house will be sold at auction. If I go to this hearing, what kind of information will it take to show cause to stop foreclosure.

Do I need an attorney for this hearing? Do I need to file bankruptcy? (I have called a bankruptcy attorney, and legal aid, no one has returned my calls.

I have had the house listed for sale since November. I need some of the equity so that I can get on with my life, but the market says that I can sell it for scrap and still owe thousands.

Need help!

Thanks


Asked on 2/15/06, 2:07 pm

1 Answer from Attorneys
Lynn Coleman Attorney-Mediator

Re: foreclosure proceedings

The first thing you need to do is go to credit counseling. You can't file for bankruptcy without it. Look up United Family Services in the Charlotte phone book (rules will not allow me to post a phone number here). Do this right away. If you don't have all of the money plus attorneys fees by the time of your hearing you will lose your house. It sounds like bankruptcy is your only option to stall the foreclosure, but a credit counselor will educate you about the options.

Read more
Answered on 2/15/06, 3:02 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in North Carolina