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Lower foreclosure rates don’t make the process any easier

| Mar 31, 2015 | Business Foreclosures |

Having to deal with a foreclosure is never an easy thing. Whether you are the entity being foreclosed upon or the one that is seeking to protect your security interests, it can be a tough situation.

From a historical perspective, instances of foreclosures (at least residential ones) are reportedly on the decline in North Carolina, but that doesn’t mean that the process is any easier. State law sets out strict processes that must be followed and those with experience in dealing with them know that it can be a burdensome route.

Before the foreclosure reaches final determination, loan documents and contracts need to be reviewed and necessary letters to all the various parties need to be drafted and sent. In addition, you don’t want to enter into the action without having a strategy for how collection will occur, regardless of whether the foreclosure is handled through non-judicial or judicial means.

Ultimately, if you represent a bank or some other creditor in a foreclosure action the goals are to move the process along smoothly and to maximize recovery. Not everyone has a depth of experience that can assure that necessary attention will be paid to the many details required under the law. So the way to assure that happening is by working with an attorney with demonstrated experience in all the types of foreclosure.

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