North Carolina Foreclosure Help – Stop Foreclosure in North Carolina

 


Finding Foreclosure Help in North Carolina

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Greensboro Field Office

Asheville Building
1500 Pinecroft Road, Suite 401
Greensboro, NC 27407-3838

Phone: (336) 547-4000

Fax: (336) 547-4138

TTY: (336) 547-4054
NC Relay: 711 (Voice/TTY)

Jurisdiction: State of North Carolina

Christian T. Stearns

Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

North Dakota Foreclosure Laws Summary

Quick Facts:

  • Judicial foreclosure process is available.
  • Non-judicial foreclosure process is available.
  • The primary security instruments are mortgages and deeds of trust.
  • The timeline can vary by process, which typically takes 60 days.
  • The borrower has rights of redemption.
  • The lender may or may not sue for deficiency judgements.

In the state of North Carolina, lenders are allowed to use either the judicial or non-judicial foreclosure process when mortgages are in default.

Judicial Foreclosure
The judicial foreclosure process is an option when there is no power of sale clause available in a mortgage. In this case, a court order is a requirement in order to foreclose mortgage. The property will then be auctioned to another owner.

Non-Judicial Foreclosure
If there is a power of sale included in the mortgage, the non-judicial foreclosure process is done. A power of sale authorizes the lender to sell the property when found in default. It is the decision of either the lender or his representative when to sell the property. The section belowe serves as a guide on the process of selling property.

Power of Sale Foreclosure Guideline
Initially, a preliminary court hearing must be done in order to serve as a go signal for the foreclosure sale. Ideally, a power of sale clause already has a specified date, time and venue for the sale. All of the details included must be followed when proceeding with the sale.

The notice of sale must include the following details:

  • Borrower’s name
  • Lender’s name
  • Time of sale
  • Date of sale
  • Place of sale
  • Description of property

The borrower must receive the notice by first class mail 20 days before the indicated date of sale. This should also be published in the county newspaper at least once in two consecutive weeks. It should be that the last posting must be at least 10 days before the date of sale. The courthouse door must also have the notice posted 20 days before the sale. It can be postponed by announcing it on the date of the actual sale. The new schedule will then be posted.

The sale of property must be help in the county courthouse. Time should be in between 10 am to 4pm. The highest bidder gains ownership of the property. For any upset bids, these can be filed to the court clerk up to 10 days after the sale.

Lenders have the option to file for deficiency judgement. At the same time, the borrower also retains his right of redemption.