Legal Question in Real Estate Law in North Carolina

The lender who foreclosed has a year to come after you for a deficiency judgment. Whether they will or not depends on your situation.

Of course, there are the negative consequences you mentioned on your credit.

There may also be tax issues if you get a 1099-C or a 1098. For those, talk with your CPA. If you don't have one and receive one of those documents, get one - not somebody at H & R Block or Liberty Tax but a real CPA who is familiar with this stuff. I am not dissing H & R Block and others but they are not always familiar with people who have unique tax problems.