Foreclosure in NC

Here's What To Expect

(1) Pre-Foreclosure

The mortgage holder must send you a pre-foreclosure notice that gives you information on your default, the interest charges and fees, and provides you an opportunity to cure your default.

(2) Foreclosure Action

A foreclosure action, initiated by the mortgage holder, is a court case with its own unique case number, which will begin with the year and “SP” for “special proceeding.

(3) Notice of Foreclosure Hearing

A formal court document that will give the date and time of a foreclosure hearing that is required before your home can be sold (can come in 20 days)

(4) Foreclosure Hearing

Clerk of court reviews 4 issues before making a determination:

(1) valid debt that is held by the party seeking to foreclose

(2) a default on that debt;

(3) the right for the holder to foreclose according to the deed of trust; and

(4) that the debtor received proper notice of the hearing

(5) Notice of Foreclosure Hearing

Requesting to continue the foreclosure hearing could give you more time (up to 60 days) if you are able to show the clerk that there is a reasonable likelihood that you will resolve the default with the bank and prevent the foreclosure from happening

(6) Notice of Foreclosure Hearing

You can stop the sale of your home by filing a Chapter 13 bankruptcy at any time before the 10-day upset bid period. The protections of the Bankruptcy Code stop all action to collect any of your debts. The sale of your home will not become final and you may be able to bring your mortgage current over time.

Information obtained from The JC White Law Group