Several years ago, at the height of the economic crisis, North Carolina received federal money through the "Hardest Hit Program," a government-backed relief effort to help those in this state left in dire economic straits because of the so-called Great Recession. With this federal money, the state set up the North Carolina Foreclosure Prevention Fund, a state-run program that was able to offer financial support to unemployed North Carolina residents who needed help paying their home loans. The program helped families keep their residential real estate out of a foreclosure situation.
There is a lot of information available about how a short sale works. Much of this information is geared toward either a homeowner who is trying to avoid a foreclosure or a would-be buyer of residential real estate.
Large banks who often make house loans to Rocky Mount, North Carolina, families foreclose on their mortgages often enough to have a streamlined process.
Although title insurance is technically optional, many would-be buyers of homes in the Rocky Mount, North Carolina, area may have to fork over the money for a policy, usually at the insistence of the bank who is offering the mortgage.
Like many of its sister states, North Carolina has largely gotten away from the traditional notion of let the buyer beware, at least when it comes to the purchasing of a private family home or other residential real estate.
Buying or selling a home can be an overwhelming process for a North Carolina resident. They may consult with experts about the strength of their purchase offers, the soundness of their decisions to accept or reject counter-offers, and the problems they may anticipate when they move to close. However, there is another realm of residential real estate law that can be equally complex even though it does not involve permanent transfers of real property: residential leases.