North Carolina Foreclosure
North Carolina Foreclosure:
Judicial and non judicial foreclosure are both available and right of redemption and deficiency judgment (varies) is available to respective parties. Security instruments are mortgage and deed of trust. Typical timeline is 60 days. Judicial foreclosure begins by court order obtained through lender’s filing of a law suit. Property will be sold off to the highest bidder. Non judicial foreclosure is when there is power of sale clause in one of the security instruments. Power of sale guidelines is followed for clarity about procedure to be followed if the contained clause is unclear. A preliminary hearing by the court clerk is a must to determine whether a foreclosure is necessary. Notice procedure: A first class mail to borrower 20 days ahead of sale, news paper publishing for two weeks with last ad appearing before 10 days of sale and posted on the courthouse door twenty days in advance. Sale must be between 10 AM and 4 PM and is to the highest bidder. Loosing bidders have right to file within ten days with the court clerk. Any postponement must be announced at the sale and the new schedule posted on the courthouse door.
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