After the Foreclosure Hearing in which the Clerk of Superior Court approves the sale of the property being foreclosed, the Trustee will hold a Foreclosure Sale at the county courthouse in which the property is located.  At the Foreclosure Sale the Trustee invites offers to buy the property from those in attendance and then accepts the highest bid.  The highest bidder is bound by his offer the moment it is accepted. 

After the Foreclosure Sale, there is a 10 day upset bid period in which another bidder may submit an upset bid that is higher than the reported sale price.  An upset bid must be at least 5% and a minimum of 0.00 higher than the previously reported sale price.  When an upset bid is made, the upset bid period starts over again for an additional 10 days.  This process continues until 10 days elapse without an upset bid, at which point the last bid on the property is accepted and the foreclosure can be completed.

If you are a homeowner going through the foreclosure process, you have the right to stop the foreclosure and save your home up to and until the upset bid period expires by either paying the lender the money owed or working out an alternative to foreclosure with the lender. 

For more information about Charlotte foreclosure and foreclosure alternatives, please visit:  http://zellersrudd.com/areas_of_practice/charlotte_foreclosure_alternatives.aspx

Prior to founding Zellers Rudd PLLC, Dan Zellers and Scott Rudd worked together in the real estate finance group of some of the top international law firms in the nation. They represented large national banks and servicers in multi-million dollar commercial property transactions as well as multi-billion dollar commercial loan securitizations. These transactions included the negotiation of large servicing contracts as well as conducting large commercial loan transactions, loan assumptions, defeasances, parcel releases, and other consent matters on large commercial properties located all across the nation. In addition, their work prior to that has afforded them extensive experience in all aspects of residential real estate and residential real estate transactions including loan closings, foreclosure, landlord-tenant law, work with homeowners’ associations, default judgments and private transactions.

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If you say yes to any of the questions that follow, you should arrange for a professional auditor to review your mortgage papers (include demand & collection letters, correspondence, and all account histories or monthly statements).

1. Has your loan been refinanced more than necessary? Was the most recent refinancing within the previous 3 years? A routine unethical practice is “flipping,” which is defined as repeatedly refinancing a mortgage without an advantage for the borrower, for the purpose of profiting from high origination charges, closing costs, points along with other costs, steadily eating away at the borrower’s equity in his or her home.

2. Did you have an increase rather than lowering of your interest rate upon refinancing?

3. Are you paying an interest rate over 9.5%?

4. Was the loan obtained to pay for a home improvement project that was not done right or even at all?

5. Have you had problems with the mortgage company regarding late posting of monthly payments? Unannounced raises in payments? Have they tacked on fees to the balance for insurance, “property preservation,” or other “advances”? Does your principal balance never seem to go down?

6. Were you charged unreasonable closing costs on the loan?

7. Did the mortgage company change the terms of your contract to your detriment just before the closing?

8. Did the lender pay money to your mortgage broker? (look on the HUD-1 Settlement Statement to see if there is a “premium” or POC (paid out of closing) “YSP” or “yield spread premium”)?

9. If you have an adjustable rate mortgage, are the adjustments done wrong? Can you even tell if the adjustments were correct or not?

10. Is there a prepayment penalty as part of the loan?

11. Has correspondence with the mortgage company gone ignored? (Mortgage companies have a legal responsibility to respond to complaints and requests for explanations of accounts. Sometimes they do not. Every instance may entitle you up to $2,000. In a situation where your claim against the mortgage company out numbers the number of monthly payments you allegedly missed, the mortgage company will possibly not be capable of proving that you are in default.)

12. Have each of the collection letters sent to you by debt collectors follow the Fair Debt Collection Practices Act? You may receive as much as $1,000 and more if they did not.

13. Did you receive a duplicate of the mortgage documents at the closing? That would be as opposed to them being mailed to you later, or did the closing representative provide you signed copies at all?

14. Where did the closing occur, at your residence, in a different city or by mail?

There is a frequent misconception that banks do not desire to foreclose and handle real estate. While not all lenders are scavengers by nature, there are a number that are. Actually there are a rising number of predators that purchase bad debts, which includes mortgage loans, for a fraction of their value and try to enforce them. Entities such as these profit by foreclosure.

The good news is that there are legal foreclosure programs that will help those who have been victimized by predatory lenders. You will find an excellent one at Loan-Modification-Masters.com. They offer a no cost evaluation to find out if you qualify for a loan modification and a 100 percent money back guarantee that they can get you a loan modification making your payments fit your budget better.

Technorati Tags: Account Histories, Collection Letters, Detriment, Financial Damages, Foreclosure Assistance, Home Foreclosure, Home Improvement Project, loan modification, Loan Transactions, Monthly Statements, Mortgage Company, Mortgage Payments, Origination Charges, Principal Balance, Property Preservation, Refinancing A Mortgage, Refinancing Mortgage, Truth In Lending, Truth In Lending Act, Unethical Practice