If debt negotiation, loan modification or other settlement actions have failed, you might receive a notice of foreclosure. In North Carolina, both judicial and non-judicial foreclosing procedures are available. Under the judicial proceeding, a lawsuit must be filed first. However, most foreclosures in North Carolina proceed under the non-judicial framework.

The first step in a non-judicial or “power of sale” foreclosure is preliminarily to notify the involved parties of the pending foreclosure action. Next, the court clerk conducts a hearing to determine if granting a foreclosure on the property is appropriate. If the clerk approves the foreclosure and issues a notice of sale, proper notification must be issued. The notification may be actual, sent by first-class mail at least 20 days prior to the sale, or constructive, such as by publishing a description in a generally circulated newspaper for at least two weeks. Either form of notification must contain the name of the borrower, the name of the lenders, a description of the property, and the time, place and date of the sale.

Following the notification, the property is sold at the county courthouse. However, the sale does not end the moment an offer is made. Rather, an upset bid procedure is used. Under an upset bid system, purchasers can bid on the property for ten days. Even if the foreclosure sale has already occurred, you have not lost your home until this upset bid period ends. If another High Point attorney has told you that it was too late, we may use an emergency Chapter 13 filing to protect your home and stop the foreclosure.

Time is of the essence, so contact us today

If you have received notice of foreclosure on your home, all may not be lost. However, you need to act swiftly, because a single day could be the difference between keeping your home and losing it in foreclosure. Contact us today by phone at (336) 274-2343 or online to discuss your options.