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The very best way to approach a foreclosure in North Carolina is through a calm, thorough examination of the local laws and regulations. This is probably going to be a stressful time, as having your family home on the line is not something you ever hoped for, but really looking into the process can help you know what you and your legal team can do, and it can show you exactly what you should expect. Make sure that you know what rights you have and what laws must be followed, as you can use any violations of these things in forming your defense.
It is true that most foreclosures in the state are nonjudicial. However, this does not mean that there are not official steps that have to be taken. In fact, the county clerk must set up a hearing and go over all of the paperwork that has been filed by the foreclosing party -— your mortgage lender. Only after this is done and the clerk has certified the sale can said sale proceed.
After your very first missed payment, there is a good chance that your mortgage lender is going to contact you about it. However, there are also a number of mandatory notices that have to be given out. The first is a notice about counseling services; it has to come a full 45 days prior to the official notice that you have defaulted on your loan.
Next, you will get that notice of default, and you are then entitled to another 30 days before you get a notice telling you when the hearing is going to take place. You have to get this notice ten days in advance of that hearing. The hearing itself could be quick, or it could take as many as 60 days. At the end of it, if the sale is approved, you will then be provided with a notice of sale, and your home cannot be sold or auctioned until 20 days after you get that last notice. As you can see, you will be well informed as the process is carried out.
While many states say that sales are final, you are given a short period in which you can redeem your home under North Carolina law. This period lasts for just ten days after the home is sold.
Are you in the local military, and have you been called to military service? If so, North Carolina has passed laws prohibiting the foreclosure and sale of your home. It cannot be sold while you are performing your military service, and the foreclosure is also prohibited for the next 90 days even after you return. After those 90 days are up, you can be served the first notice mentioned above, starting the set time for you to respond.
You do not have to leave the home on the same day that the house is sold. Once again, you are entitled to a notice asking you to leave, and you have ten days from the time that the new owner provides you with this notice to do so. Only when those ten days have come to a close is the new owner allowed to move forward with an eviction.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.