In North Carolina, a "Judgment Foreclosing Mortgage and Ordering Sale" refers to a legal process by which a lender seeks to enforce its rights to foreclose on a property due to the borrower's default on a mortgage loan. This judicial procedure is initiated by the lender with the intent to obtain a court judgment allowing the sale of the property to recover the outstanding debt owed. The North Carolina Judgment Foreclosing Mortgage and Ordering Sale involves various steps, from the filing of a complaint to obtaining a final judgment. The lender typically files a lawsuit against the borrower, seeking foreclosure of the property as a remedy for default. The complaint outlines the details of the mortgage agreement, the borrower's default, and the outstanding balance owed. Throughout the foreclosure process, several parties may be involved, including the lender's attorney, the borrower or homeowner, and potentially other lien holders. It is crucial for all parties involved to understand their rights, obligations, and potential consequences. Different types of North Carolina Judgment Foreclosing Mortgage and Ordering Sale may include: 1. Strict Foreclosure: This type of foreclosure occurs when the court orders the property to be transferred to the lender without a sale. It typically happens when the property's value surpasses the mortgage debt, leaving no surplus funds to distribute to parties with an interest in the property. 2. Deficiency Judgment: In certain cases, after the foreclosure sale, if the proceeds do not fully cover the indebtedness, the lender may seek a deficiency judgment against the borrower for the remaining balance. This type of judgment entitles the lender to collect the deficiency amount through other means, such as garnishing wages or seizing assets. 3. Judicial Sale: In this type of foreclosure, the court orders a public sale of the foreclosed property to satisfy the outstanding debt. The property is typically sold to the highest bidder at a public auction, and the proceeds are used to pay off the mortgage balance. Any surplus funds may be distributed to other lien holders or parties with an interest in the property. It's important to note that the foreclosure process and specific terminology may vary in each jurisdiction. Therefore, it is recommended to consult with legal professionals familiar with North Carolina foreclosure laws to gain a thorough understanding of the specific procedures and options available in the state.
North Carolina Judgment Foreclosing Mortgage and Ordering Sale
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Each new upset bid starts a new round of bidding, and another 10-day period begins to run from the date of the most recent upset bid. Once the 10-day period passes with no further bids, the foreclosure sale may be finalized.
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.
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.
The foreclosure process in North Carolina begins when the homeowner misses three consecutive mortgage payments. The lender will then send a notice of default to the homeowner, which is the first step in the legal process.
How to buy a foreclosed home in North Carolina Get pre-approved for financing. ... Hire a top North Carolina realtor with foreclosure expertise. ... Find foreclosed homes in North Carolina. ... Tour foreclosures in person. ... Submit offers. ... Conduct due diligence on the property. ... Get the home appraised if you plan to finance it.
After the 10-day upset bid period expires and the home is transferred, the new owner has the right to evict you from the property after giving you proper notice and time. The Sheriff will typically post a notice on the property and evict within 20-30 days after the deed to the home transfers.
Prospective buyers engage in competitive bidding for real estate, personal property, and business property. In an absolute auction, the highest bidder wins the item. There is no minimum price (reserve) and the seller is not permitted to bid.