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| Home » USA » North Carolina » Foreclosure Laws |
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NC Foreclosure Laws |
NC Foreclosure Laws specify about 60 days for the foreclosure process The foreclosure can happen in two ways. i.e.
- Judicial Foreclosure
- Non-Judicial Foreclosure
North Carolina Foreclosure Laws
Therefore according to foreclosure law in North Carolina lender can foreclose the property on mortgage or deed of trust with either non-judicial or judicial foreclosure process. In judicial foreclosure it is the court that gives order for the auction and sale of the property.
For non-judicial foreclosure to occur the process is quiet different from the judicial one. Power of sale clause exist in this and authorizes the lender to start the foreclosure according to the procedure defined in the clause. But if no procedure has been defined then NC foreclosure process is bit different and for this "Power of Sale Foreclosure Guidelines" are followed. But in any case preliminary hearing takes place before the actual process of foreclosure in North Carolina. In this decision regarding the foreclosure to happen or not to happen is taken. If the North Carolina foreclosure law allows it then it will occur with the following procedure: |
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- Notice of sale is send to the borrower 20 days before the sale
- For two successive weeks the notice is published in the newspaper of the county
- The last notice of sale should not be published before the ten days of auction
- Twenty days before the sale it should be posted at the courthouse
Notice of Foreclosure Sale
In North Carolina the notice of sale should contain the date, place, time of the sale along with the description of the property and name of the lender and borrower. NC foreclosure auction takes place from 9:00 a.m. to 4:00 p.m. In case the sale is to be postponed then it should be announced at the place where sale was to take place specifying the new time and date. Along with this the new notice should also be posted on the door of the courthouse.
For more information on the North Carolina foreclosure laws, foreclosure process and auction you can also check the list of websites provided by Realestatezing.com.
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