North Carolina Debtor And Creditor Legal Questions

Hello, You'll likely want to consult with a consumer protection attorney as there is likely a lot of information to review. I would first gather all of the information showing that you've made every payment on time to them and also gather any information you may have on where and how the mortgage company has been applying the payments incorrectly. This information could come from mortgage statements to an extent. Eventually, you'll likely need to initiate a formal Notice of Error to the mortgage company detailing their mistakes but you'll want to make sure you have all the required paperwork when doing so. You'll also want to dispute the negative credit reporting directly with the credit reporting agencies that are reporting the false and negative information.  The first step though is to have paperwork lined up showing that every payment was made on time and have the written proof showing the mortgage company is in the wrong. Most consumer protection attorneys will offer free consultations (at least we do). I hope this insight helps!... Read More

You cannot be put in jail just because you can't pay your debts, although your assets can be sold off and used to pay those debts.  However, if there was any fraud in connection with accumulating that debt, it is possible that you could go to jail for the fraud, depending on how serious it was, your prior record, etc.... Read More

Each state has a process by which a judgment from a state can be recorded in any other state.  Once the judgment is recorded in the county where the property lies and the judgment filing is final, it will attach as a lien on real property.  However, if your judgment is only for $20.00, you will spend a good bit more to file the judgment in North Carolina.  It may not be worth the expense. ... Read More

It is unclear from your question whether the creditor has obtained a judgment against your wife.  I am also unclear as to the notice served on your wife by the Sheriff.  It sounds like a notice that a sheriff might serve pursuant to a writ of execution.  This could only occur once a judgment has been entered.  If a judgment has been entered, the age of the debt is irrelevant. Judgments are valid for ten years and can be "renewed" for an additional ten years.  Once a judgment is entered, a creditor may have the clerk issue a Writ of Execution. This is a directive to the Sheriff to seize personal and/or real property to satisfy a judgment.  Any real and/or personal property is potentially subject to seizure to satisfy the judgment.  However, there are exceptions, such as real property jointly owned by husband and wife. ... Read More

       Judgments in NC are good for 10 years and can be renewed 1 time for an additional 10 year term.  Charged off does not mean you are off the hook.  If you were served with your Notice of rights you must fill them out and file them with the Court within 20 days of service.  Failure to do so exposes everything you own.  Garnishment is unlikely in NC.  Losing stuff such as your car or bank account may be possible, especially if you don't claim your exemptions.  Bankruptcy may be an option as well.   Charlotte Bankruptcy Lawyer  ... Read More

The first step in the analysis depends upon the anti-deficiency laws in your State, if there are any. If you are a CA resident and the same bank held the first and the second, recourse on the second may be limited. As a general rule you cannot foreclose out your own second and then seek recourse for the deficiency you created. The second step would involve weighing the merits of whatever claims you my have against the bank for the manner in whcih the residence was foreclosed on. This is not really my area of a practice. Attached is a link to a case that I had in CA court, but this would only be relevant if you were a CA resident. http://www.okeefelc.com/articles/index.php.   S. O'Keefe... Read More