When you are behind on your mortgage, the lender will instruct the trustee to foreclose. After verifying that you are behind, the trustee then files a “special proceeding” at the county courthouse and also sends you notice. A “foreclosure hearing” is held first and takes place at the county courthouse.

How long does the foreclosure process take in North Carolina?

How Long Does the Typical Foreclosure Process Take in North Carolina? It takes approximately three months to complete a non judicial foreclosure in North Carolina if everything goes smoothly. It may take longer than three months if the borrower fights the foreclosure or if the lender seeks a judicial foreclosure.

How can I save my house from foreclosure in NC?

To get help, call the State Home Foreclosure Prevention Project at 1-888-442-8188. Your call will be answered Monday through Friday, 8:00 a.m. to 5:00 p.m.

What happens after a foreclosure in North Carolina?

In a North Carolina foreclosure, you’ll most likely get the right to: get any excess money after a foreclosure sale. So, don’t get caught off guard if you’re a North Carolina homeowner who’s behind in mortgage payments.

What are your legal rights in a foreclosure?

Before initiating a foreclosure proceeding, your loan servicer must send you a notice that the loan is in default and give you a chance to get caught up and avoid foreclosure. You have the right to challenge a foreclosure if you think your lender made a mistake or has violated the law.

What is the right of redemption in North Carolina?

North Carolina has a very short statutory right of redemption, which would allow a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs within ten (10) days of the sale through the upset bid process,…

How does a deed of trust in North Carolina work?

Many North Carolina deeds of trust have a provision that requires the lender to send a notice, commonly called a ” breach letter ,” informing you that the loan is in default before the lender can accelerate the loan. The breach letter gives you a chance to cure the default and avoid foreclosure.