Legal Question in Real Estate Law in North Carolina


How do I salvage my mortgage and home when my 2nd mortgage has become several months delinquent do to unavoidable circumstances...besides bankruptcy?

Asked on 12/20/99, 3:58 pm

1 Answer from Attorneys

Kevin Byrnes Kevin P. Byrnes, Attorney at Law

Re: mortgages

Many lenders have a 'workout' dept. Contact yours

to determine who to talk to and ask if you can modify

the original note and Deed of Trust by adding the

accumulated late payments/fees/interest to the end

of the payback period. Another option would be to pay 1/2

your payment every two weeks with the consent of your

lender, until the arrearage is caught up. This is the method

used by most consumer credit assistance agencies.

The third way, off the top of my head, would be to contact a

local consumer credit agency. These are credit counselors who

will go to bat for you with the creditors at a much

lower cost than an attorney. keep in mind that your lender

will be none too pleased if he finds out he's the

only one you've been holding out on, so if you want to

follow any of these, I'd suggest talking as little as

possible and listening a lot.

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Answered on 12/21/99, 9:29 am

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