Legal Question in Credit and Debt Law in North Carolina

Unless the debt has been discharged in bankruptcy, the creditor does have the right to sue for a deficiency. If this were household goods, the creditor cannot collect a deficiency under $1,000. Often the creditor will take a "short sale", that is release the lien for less than what is owed and work out a deal to repay the difference. The advantage is that you can maximize the reduction in debt by selling at close to fair market value. You have no real control over what the property sells for at the foreclosure auction. If the creditor will not agree to the short sale, make a deal with the buyer which gives you time to payoff the debt with the buyers money and some of your own in order to get the title released.