North Carolina Foreclosure Laws

Foreclosure in the state of North Carolina is a rather mundane and lack luster procedure. There is nothing out of the ordinary here. In fact the laws in this state are textbook and represent the averages that are resent across the country.

You will find that both judicial and non-judicial foreclosure is available and regularly used in the state, both the Deed of Trust and the conventional mortgage are used as security instruments here and the foreclosed party does have the right of redemption which is becoming more and more common these days. The state does allow the lender to get a deficiency judgement against the borrower for the difference but unlike a lot of states it is looked at individually and will vary from case to case. The time frame to complete the foreclosure from beginning to end will run the national average of sixty days. As we said, very representative of the country average all the way around.

Also as is typical the lender has to take the borrower to court and sue them to get an order that will allow them to foreclose on the property.

With regards to a non-judicial foreclosure there has to be a notice of hearing served to all parties involved at least ten days prior to the hearing date. A notice of sale must be mailed by first class to the borrower, published weekly in a newspaper for two successive weeks, and posted on the courthouse door at least 20 days before the date of sale.

The sale will take place at the subject courthouse on the date designated between the hours of 10:00 AM and 4:00 PM.

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