Timeline:
60 Days
Redemption:
10 day after sale
Deficiency
Judgments: Yes
Judicial
Foreclosure: Yes
Non-Judicial
Foreclosure: Yes
Security
Instruments: Deed of Trust, Mortgage
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North
Carolina foreclosure law allows lenders to pursue either Judicial
or Non-Judicial Foreclosure procedures. The Judicial Foreclosure
process is followed if the original loan documents do not contain
a “power of sale” clause. The lender has to obtain an order
to foreclose on the property by suing the borrower in court.
If the
original loan documents contain a “power of sale” clause authorizing
the lender to sell the property in the event of a default, the
lender may use the Non-Judicial Foreclosure process. In this
process, the clerk of the court must hold a hearing to determine
whether a foreclosure may take place or not. All parties to
the hearing must be served within ten (10) days of the hearing.
If the
clerk of the court determines a foreclosure may take place,
a notice of sale is mailed by first class mail to the borrower.
The notice must also be published for two (2) consecutive weeks
in a newspaper of general circulation in the county in which
the property is located. |
The last publication can not be less
than ten (10) days before the date of sale. The notice must
be posted on the door of the county courthouse no less than
twenty (20) days before the scheduled sale date.
On the
scheduled sale date, the sale will be conducted between 10:00
AM and 4:00 PM . For ten (10) days after the sale date, the
auction will remain open, and bids may be filed with the clerk
of the court.
North
Carolina foreclosure law allows the sale date to be postponed
by announcement at the time and place of the scheduled sale.
The new time and place for the sale must be posted as a notice
on the door of the courthouse.
North Carolina Foreclosure Law