Frequently Asked Questions

Here are some certified bankruptcy resources. 

Questions Chapter 7  Chapter 13 
Will it damage my credit report? Yes Yes
How much payment flexibility is there? Little Little
How much time does it take?  90 Days 3-5 Years
Will it end my foreclosure? Not guaranteed Yes 
Who can file? Individuals and Companies Individuals only 
How long will it stay on my credit report? 10 Years 7 Years 
  • This source explains loan modification and the benefits. It also tells you how to apply for a loan modification. Always talk to your lender directly about loan modification. Your lender is the only organization who can grant a loan modification. Do not trust any third parties who promise loan modification! 

A mortgage forbearance can be just the break you need to save up and get back on track with mortgage payments. However, as the following sources explain, a forbearance does not equal debt forgiveness. Your lender may pause payments, but the interest associated with those payments will continue to grow, and you will be required to make all payments in full at some time. The exact payment plan will be lender dependent. 

  • Reference the above question. Keep watching out for false promises and money requests. The only way to stop foreclosure is through a sale that pays off the loan directly. Never trust loan modification scams. 
  • At NCFR we only work with investors who pay can pay off your home loan in full. If you are in the earlier stages of foreclosure, the investor can potentially negotiate with the lender and refinance the home post-sale.

At North Carolina Foreclosure Relief we only work with investors who meet our high standards and successfully go through our vetting process. They are required to provide proof of funds monthly so we can ensure they are able to payoff home loans in full. We also require the investors we work with to provide a proof of payment portfolio to us after a sale is concluded. We share all of this information with the property owners so they can be assured, in writing, that their property has been paid off and their foreclosure has ended. Additionally, the investors we work with must provide and cover all legal needs. They must work with reputable lawyers licensed in North Carolina. We make sure that you are not coerced into a contract with an investor who cannot pay for your home in full, and who will try to sell it to another party.