Many North Carolina foreclosures go through a process known as power of sale foreclosure. Because this is a nonjudicial process that doesn’t start in a conventional courtroom, borrowers may assume that the outcome is already decided. But before the foreclosure…
Tennessee’s non-judicial foreclosures allow lenders to proceed without filing a lawsuit; the result is a faster and more streamlined process. But to benefit from this efficiency, lenders must comply with statutory and contractual notice requirements. Failing to meet these requirements…
Foreclosure is an essential legal remedy available to lenders when a borrower defaults. In North Carolina, most foreclosures occur via power of sale foreclosure, a non-judicial process. This process is significantly more efficient than judicial foreclosure, but it is crucial…
Foreclosure is the main legal remedy available to lenders once a borrower defaults on their mortgage. Tennessee typically allows foreclosures to proceed via a non-judicial process, rather than requiring lenders to file a lawsuit. This process is more streamlined and…
The distinction between secured and unsecured loans comes down to the degree of recourse that the creditor has if the debtor fails to make payments in accordance with the terms of the loan agreement. Secured loans are backed by collateral,…
Federal law allows a consumer or business to file for bankruptcy under certain circumstances. Although creditors have the right to repayment of their debt through the bankruptcy process, they often end up with less than the full amount that they…
Creditors have their own obligations under the law. These requirements may even apply when a consumer fails to uphold their own responsibilities under a sales contract. One restriction is that the creditor cannot take immediate action to seize a security…
Collecting a debt is often not as simple as the debtor paying what they owe in full and on time. A debtor may breach the terms of their agreement and not pay their debt for many reasons. The creditor is…
In North Carolina, a lienholder has the right to repossess a vehicle if it was used in the commission of a crime. The law that establishes lienholders' rights and motor vehicle repossession is Article 9 of the North Carolina Uniform…
As a creditor, you’ll see hundreds, if not thousands, of people who owe you money file bankruptcy in their bankruptcy schedules in an attempt to get out from under their debt. This is perfectly legal, of course, but you may…