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Updated over 11 years ago,
cost of foreclosing
I have a rehabber who has stopped paying interest on my loan. I have a promissory note and a deed on the property and my lien is in first position. I am in the process of finding a lawyer to foreclose on the property. The property is in Charlotte, NC. I dont have any idea what would a foreclosure cost me in terms of legal fees and other expenses. If any of you have gone through this, can you give me an estimate on the costs? The property is worth more than the loan but only by small amount and I am suspecting that there are other liens on the property as well but in second/third position. If someone has recommendation for a tried and tested legal firm in NC, that would be useful as well.
Thanks.