![]() ![]() The promissory note is the document that contains your promise to repay the loan along with the repayment terms. If you get a loan to buy residential real estate in North Carolina, you'll likely sign two documents: a promissory note and a deed of trust, which is like a mortgage. North Carolina law specifies how nonjudicial procedures work, and both federal and state laws give you rights and protections throughout the foreclosure. The procedure will most likely be nonjudicial (out of court), although judicial foreclosures are also allowed. If you default on your home loan payments in North Carolina, the servicer (on behalf of the loan owner, called the "lender" in this article) will eventually begin the foreclosure process. ![]()
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