Your Go-To Foreclosure Attorney In Greenville, NC

Although no one ever wants to think about what will happen if their property were to ever be foreclosed on, it is important to be prepared and to have a better understanding of what will happen if your property were to be foreclosed on and how this process will impact your future. That is why our foreclosure attorney is here to help guide you through the foreclosure process to help prepare you for what will happen.

Foreclosure is when the bank or a mortgage lender takes possession of your property in the event of nonpayment. They then have the power to sell your property to someone else to help them repay the loss due to nonpayment. If you fail to make a payment on time to the bank or mortgage lender, and fail to set up a loan modification, then your property will more than likely go through foreclosure.

After the missed payment is made, you will be put into default. The amount of time between the missed payment and being put into default can vary depending on your bank or lender.

In the event your lender chooses to go through with a judicial foreclosure, your lender will then file a foreclosure lawsuit. If you respond to the lawsuit, you could go to trial or the judge could file a motion of summary judgment. This is when you may need a foreclosure attorney, like John G Rhyne, Attorney At Law, to help represent you.

During the next step, which would be the pre-foreclosure process, you have the opportunity to pay back what you owe on the property. This could help stop the foreclosure from happening.

If there is nothing paid to stop the foreclosure, the bank or lender will most likely create a notice of sale. They can publish this notice publicly or they can put this notice on your property to let people know that the property is available for purchase. Once the property is actually sold, you will be required to move out.

Aside from forcing you to leave your property, a foreclosure can majorly impact your future. For example, a foreclosure can negatively impact your credit score, making it more difficult for you to buy a home or apply for a loan later on. A foreclosure will even stay on your credit report for years to come, meaning those who look at your credit report, such as a bank, will know your property was foreclosed on. In addition to impacting your credit score, a foreclosure can have major tax implications.

Don’t let a foreclosure majorly impact your life for years to come. If your property could potentially be foreclosed on, allow the team at John G Rhyne, Attorney At Law to represent you during the process. Our team can work with you to help you stop the foreclosure process or help you better understand the implications of this process. Contact us today to schedule an appointment with our foreclosure attorney to discuss your case.