Short Sales, Real Estate Contracts and Foreclosures
Raleigh, North Carolina, Lawyers Handling Short Sales, Real Estate Contracts and Foreclosures
Triangle Law Group is working with property owners, brokers, and real estate investors on short sale and foreclosure transactions. We can advise you on the legal aspects of this process and also draft leases for investors to lease the property to a tenant.
Today's economy presents serious financial issues for lenders and consumers. Defaults and foreclosures are on the increase in Raleigh and the State of North Carolina. The recent economic challenges have put businesses and jobs at risk which in turn, as caused residential and commercial borrowers to default. Triangle Law Group uses its creative approach to practicing law to resolve our clients' short sale and foreclosure issues.
Triangle Law Group provides the following services for our clients who own distressed property in North Carolina:
- Review your financial situation and advise you on legal rights related to short sales and foreclosures
- Review and create contracts between you and your lender for a short sale
- Review foreclosure documents to be sure that North Carolina law has been complied with
- Work with your real estate broker to ensure your legal rights are protected
- Assist with negotiations with your lender as needed
- Help you negotiate with your creditors
- Defend you in litigation by your lender related to the short sale (such as lawsuits to recover deficiency judgments)
- File lawsuits for wrongful foreclosure
- Defend you in a foreclosure
If you are no longer able to make your mortgage payments and your home is worth less than the money you owe to your lender, Triangle Law Group can help you! Should you allow the bank to foreclose on your home or should you try to do a short sale? The answer depends on a number of factors. As you move through this complicated process, let Triangle Law Group be part of your team. Consumers need an attorney to advise them so that all options available to you are explained clearly and accurately. Lawsuits over short sales are becoming very common because the consumer has not consulted an attorney about the legal issues involved in this process.
Is a short sale your best option? Always discuss your situation with your lender's loss mitigation department first. Your lender may be able to offer a loan restructuring. If this is not possible, then a short sale may be a good option for you. If you hold a second mortgage, things can get more complicated and the second mortgage holder must agree to the short sale.
As you negotiate with your lender, it is important to have both a real estate broker who understands the process as well as a lawyer. Attorney Laurie Gengo, the owner of Triangle Law Group, is a licensed North Carolina real estate broker who can work with your broker to be sure your interests are protected. Real estate brokers cannot practice law and need a North Carolina licensed attorney to draft and review your paperwork related to the short sale. Attorney Laura Page was formerly in-house counsel to a lending corporation and brings great insight as to the issues faced by lenders. Attorney Jennifer Henson worked with a residential lender and also brings valuable experience to the negotiation process used by lenders. Remember, only a licensed attorney can negotiate and advise you of your financial liabilities regarding a short sale, such as whether or not your lender may seek a deficiency judgment against you.
Triangle Law Group can also assist with financial issues related to distressed commercial property. We can negotiate your debt on your behalf with your lenders and advise you your legal liabilities associated with your financial situation. If you are a commercial landlord, we can work with your tenants to ensure you get paid and if you do not, evict them. The attorneys at Triangle Law Group have experience in residential and commercial landlord tenant matters and lease issues. We can bring and defend lawsuits for eviction (summary ejectment) and also seek to recover money for unpaid rents owed by tenants. We also can defend residential and commercial tenants in eviction proceedings.
If your residential or commercial property is in the process of being foreclosed upon, Triangle Law Group can help you as well. The foreclosure process is very stressful and in this bad economy, many lenders are foreclosing without complying with necessary North Carolina legal requirements. In some cases, the lender may have made an error in the accounting of your loan. In other cases, the formal notice requirements may have been violated. Once you receive a foreclosure notice, contact Triangle Law Group so we can represent you and protect your interests and asset. Handled correctly, foreclosure can be the most effective method banks and mortgage lenders can use to minimize their losses when borrowers default. However, there are strict rules that must be followed for foreclosures to be successful, and mistakes can add to the cost. Foreclosures are a quick process so contact us as soon as you receive a notice of foreclosure so we can determine if your lender has followed the correct procedures.
If you are renting a home which is being foreclosed on, there are new laws that may protect you. The Protecting Tenants at Foreclosures Act was recently adopted to protect tenants who live in foreclosed properties. It is important that you know your legal rights so you can protect yourself and your family. Triangle Law Group can answer your questions regarding this Act and represent you in legal proceedings if you are improperly being removed from your home.
At Triangle Law Group, we use our creativity to help you make the best, most reasoned decision regarding your financial issues related to your residential or commercial real estate.
Contact us to schedule a consultation with a lawyer. Triangle Law Group offers initial consultations at reduced rates as a service to our clients in these difficult economic times. Triangle Law Group's goal is to guide our clients in making the best decision given their particular financial situation.
