Remember Me
forgot your password?

North Carolina State Foreclosure Law

Which law provision governs foreclosure in North Carolina?

You can find about this in North Carolina General Statutes, Chapter 45 (Mortgages and Deeds of Trust), Article 2, Article 2A as referenced in §45-4 to §45-21.38

What happens during Judicial Foreclosure in North Carolina?

It involves filing a law suite to obtain a court order. This is done when no power of sale is present in mortgage/deed. Once foreclosure is declared, property is auctioned off to highest bidder.

What happens during Non-Judicial Foreclosure in North Carolina?

Non-judicial foreclosure is conducted only when power of sale clause exists in deed of trust/mortgage. This clause allows borrower pre-authorizes the sale of property to pay off the balance loan in the incidence of their default. In such cases power is given to lender to sell the property by himself or his representative who generally referred as trustee. Guidelines for such procedure are mentioned under “Guidelines for power of sale foreclosure”.

Guidelines for power of sale foreclosure

If the deed of trust/mortgage contains a power of sale clause with specified time, place and terms of sale, then it should be followed. But in North Carolina, a preliminary hearing needs to be held before the power of foreclosure takes place.

The clerk of the county determines whether a foreclosure should take place or not, after the release of preliminary notices. If clerk issues foreclosure notice, the process is done as follows:

A notice should have the names of borrower, the lenders, description of the property, date/time/place of the sale. The notice should be mailed to the borrower 20 days before the sale by first class mail. It should be published in local newspaper for two consecutive weeks in local newspaper and second ad should appear 10 days before the sale. Also notice should be posted on court door, 20 days before the sale. The sale is conducted between 10 a.m. to 4 p.m. Upset bids may be filed with the court clerk for a period of ten (10) days after the foreclosure sale. Lenders can obtain deficiency judgments and the borrower gets right of redemption.

This is legal information; it should not be treated as legal advice.

Rate this Article: 0 / 5 stars - 0 vote(s)
Print Email Re-Publish


Article Source: http://www.articlesbase.com/business-articles/north-carolina-state-foreclosure-law-260876.html
Add new Comment



Captcha

  • Latest Business Articles
  • More from alexander thomas

Learn How To Make Quick Money Online

By: Ravi Kuwadia | 09/07/2009
We've all heard of someone who's managed to make money online - quick, and lots of it. It's true that the internet is an amazing place to make money. That's because you have a huge, worldwide market available to you. You're almost sure to find someone who wants and needs...

When You Want a Project to Succeed

By: Anna Williams | 09/07/2009
I believe the following rules apply to any type of project or endeavor, and are crucial to success but far too easily overlooked. Keeping these rules in mind can not only save you time, but possibly make the difference between success and failure in any activity, business, or enterprise.

What Do You Choose?

By: Christine Kloser | 09/07/2009
In every moment of your life, lies a decision. And, it's the culmination of these decisions that brought you to where you are today.

How to Realize Your Dreams of Success through Business Coaching

By: Alan Gillies | 09/07/2009
Whether starting a business, retooling it, expanding it, or trying to stay the course, business coaching is a smart investment. Having a business coach that can plan, advise and support your business objectives can benefit your company in so many ways. The key to success is establishing goals and working with your executive coach to achieve them.

Bharatbook.com : India's tremendous growth in Clinical Trials Market

By: Bharat Book Bureau | 09/07/2009
Bharatbook.com launch a new report on "Clinical Trials Market India" this market report gives the information about key developments and market overview of Indian Clinical Trials Market.

Food Hygiene Course Postal

By: sam | 09/07/2009
Obtaining food hygiene training to comply with the requirements of the Food Hygiene Regulations can be a problem for small businesses. A Food Hygiene Course Postal can be a practical way of overcoming that problem.

What is the Right Home Business For You?

By: Leslie Truex | 09/07/2009
Early in my work-at-home career, I started several home businesses, most of which could have been successful, but they weren't because they were the wrong home business for me. In my years of helping others find success in working at home, I've had people tell me they've had the same...

How to Make Money Online by Using Dropshippers

By: James Huff | 09/07/2009
This article will talk about how to make money selling other peoples products . I can't think of a better way to make money then to not have to take any of the risk of buying the produced and just selling it. One of the good things about opening a online store is you do not need to have a warehouse to store all of the products that you are selling.

Nevada Foreclosure Law Summary

By: alexander thomas | 26/11/2007 | Real Estate
Nevada allows Judicial as well as Non-Judicial foreclosure.Processing period is 120 days (approximately 4 months) in Nevada.

Mississippi State Foreclosure Law Summarized

By: alexander thomas | 26/11/2007 | Real Estate
Mississippi conducts Judicial as well as Non-judicial foreclosures.Processing period is 60 days.Sale publication period is one month.

State of Oregon Foreclosure Law Summary

By: alexander thomas | 16/11/2007 | Business
Oregon allows Judicial as well as Non-judicial foreclosure.It takes around six months (180 days) for foreclosure in Oregon

North Carolina State Foreclosure Law

By: alexander thomas | 16/11/2007 | Business
North Carolina allows Judicial as well as Non-judicial foreclosure.Processing period is 2 months. (60 days)and there is right of redemption in North Carolina.

State of Minnesota Foreclosure Law Summary

By: alexander thomas | 06/11/2007 | Business
Minnesota allows judicial as well as Non-judicial foreclosure.The processing period is about 60 days (2 months) in Minnesota.

West Virginia State Foreclosure Law Summary

By: alexander thomas | 06/11/2007 | Business
West Virginia allows Judicial as well as Non-judicial foreclosure.

Submit Your Articles Free: Signup



Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.29, 6)