Mars Hill, NC asked in Foreclosure for North Carolina

Q: In North Carolina, how lond does it take to be foreclosed upon/

Related Topics:
1 Lawyer Answer
  • Consumer Law Lawyer
  • Cary, NC
  • Licenced in North Carolina

A: It depends. Assuming that a first mortgage has not been paid, about 4-6 months before a foreclosure petition has been filed. Once a petition is filed, the hearing will be held within 45-60 days. If the mortgage is found to be in default, then a sale is ordered withing 60 days of the foreclosure hearing but this can be extended. The sale does not become final until 10 days after the sale date to allow for possible upset bids. After that, the purchaser usually seeks to have the resident move out if he/she has not done so by this point. There may even be an incentive to leave (many banks have a "cash for keys" program whereby the lender will pay money to the borrower if the borrower moves out of the property and leaves it in good condition).

Justia Legal Answers is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Legal Answers is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Legal Answers without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.