Not every loan proceeds as planned. When borrowers default, understanding available legal options can mean the difference between recovery and writing off substantial losses.Strategic Foreclosure Planning: A Foundation for Successful RecoveryUpon default, the initial instinct may be to rush to foreclose. However, taking time to evaluate certain factors at the outset can prevent complications and maximize recovery potential. Factors to evaluate include:Thorough Collateral AssessmentThe distinction between real property, personal property, or a mix of the two fundamentally affects the foreclosure approach. Real property requires filing a foreclosure proceeding in the county where the property is located, and involves in rem relief only (affecting only the property itself). On the other hand, when pursuing personal property, there may be more flexibility in venue selection and the ability to pursue in personam relief (affecting the individual in possession) through a judgment.... Read the complete article here...© 2025 Ward and Smith, P.A.. All Rights Reserved.
Essential Strategies for North Carolina Creditors: Foreclosures, Fraudulent Transfers, and Piercing the Corporate Veil
