North Carolina Foreclosure Law

North Carolina Foreclosure Laws

North Carolina foreclosure laws allow for both judicial and non-judicial foreclosures.  In order to use a judicial foreclosure it is required that the mortgage contract or deed of trust not include a power of sale clause or stipulation. 

According to North Carolina foreclosure law, in the event that a judicial foreclosure is necessary, the lender is required to request the courts permission to proceed with a foreclosure and the property is to be sold.

In a non-judicial foreclosure, the courts require the lender to request a hearing to determine if the foreclosure is allowed according to the North Carolina foreclosure laws.  A notice of the hearing is required to be served on all parties a minimum of 10 days before the hearing date.  It is the responsibility of the court to determine if the foreclosure is allowed to proceed.

If the court determines that the foreclosure can proceed then a Notice of Sale must be mailed to the borrower by first class mail, in addition it is required that the notice be published in the public newspaper at least once a week for a minimum of two weeks.  The final notification shall be by posting a copy of the notice on the courthouse door a minimum of 20 days before the sale date. 

The sale itself, in accordance with North Carolina foreclosure law, will take place between the hours of 10a.m. and 4p.m. on the date of the sale.  The sale is required to be an open and public auction and bids can still be filed with the court clerk for 10 days following the actual sale date. 

North Carolina foreclosure laws do allow the sale to be postponed as long as a notice of postponement is posted on the date and time of the new sale giving the information for the new date, time, and location.  The notice must also be posted on the courthouse door by the original sale date.

For more information on North Carolina foreclosure laws click here.

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