Pre-Foreclosure Notice for Subprime Loans

The North Carolina legislature has enacted new legislation to support homeowners with subprime loans stay away from foreclosure.  If a homeowner with a subprime loan defaults on his loan, the lender is now required to send to the homeowner a Pre-Foreclosure Notice at least 45 days prior to filing the Notice of Foreclosure Hearing.  The Pre-Foreclosure Notice should contain an itemization of all past due amounts and other charges that need to be paid in order to bring the loan current as nicely as a statement that the homeowner may have options offered other than foreclosure.  In addition, the Notice need to also include things like speak to facts for the lender, the North Carolina Workplace of Commissioner of Banks and other HUD approved foreclosure counseling agencies.

The intent is to give homeowners who have fallen behind on their mortgage notice ahead of their home is actually in foreclosure that they may be facing foreclosure in the near future and that there are selections out there that may well enable them to save their residence and/or their credit score.

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Dan Zellers and Scott Rudd- Founding Partners

Dan Zellers, originally from Ohio, earned his undergraduate degree in finance and management from Defiance College and his law degree from the University of Toledo College of Law. He is a member of the North Carolina Bar, South Carolina Bar, Mecklenburg County Bar and the North Carolina Bar Association. His practice is focused on residential and commercial genuine estate, foreclosure alternatives, landlord-tenant laws and estate organizing.

Scott Rudd, a North Carolina native, earned his undergraduate degree in accounting from Campbell University and his law degree from the Norman Adrian Wiggins School of Law at Campbell University. He is a member of the North Carolina Bar, Mecklenburg County Bar and the North Carolina Bar Association. His practice is focused on residential and commercial actual estate, business enterprise formation and litigation, foreclosure alternatives and perform with homeowners' associations.

Prior to founding Zellers Rudd PLLC, Dan Zellers and Scott Rudd worked together in the genuine estate finance group of some of the leading international law firms in the nation. They represented substantial national banks and servicers in multi-million dollar commercial property transactions as well as multi-billion dollar commercial loan securitizations. These transactions included the negotiation of large servicing contracts as nicely as conducting large commercial loan transactions, loan assumptions, defeasances, parcel releases, and other consent matters on big commercial properties situated all across the nation. In addition, their work prior to that has afforded them extensive experience in all aspects of residential real estate and residential actual estate transactions including loan closings, foreclosure, landlord-tenant law, function with homeowners' associations, default judgments and private transactions.