North Carolina Sample Letter regarding Stop of Foreclosure Sale
Description
How to fill out Sample Letter Regarding Stop Of Foreclosure Sale?
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FAQ
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.
The foreclosure hearing may come as soon as 20 days after you get the Notice of Foreclosure Hearing. Judges generally do not hear foreclosures. North Carolina is what is called a ?power of sale? state. This means that generally no judge will hear a foreclosure, instead foreclosures are heard by the clerk of court.
What Are the Options Available for Borrowers During Foreclosure in North Carolina? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before or after the sale, or filing for bankruptcy.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
A foreclosure sale can be finalized at the conclusion of the ?upset bid period.? Once the foreclosure sale is conducted, there is a 10-day period in which other bidders may place a higher bid, or ?upset bid,? for the real property.
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.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
