North Carolina Foreclosure Law

Facts:

Judicial Foreclosure Available:     Yes

Non-Judicial Foreclosure Available:       Yes

Primary Security Instruments:      Deed of Trust or Mortgage

Timeline:     Approximately 60 days

Right of Redemption:       Yes

Deficiency Judgments Allowed:       Varies

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Quick Summary:

In North Carolina, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. 

 

The foreclosure timeline in North Carolina is typically 60 days from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale.

North Carolina borrowers have the right of redemption and whether a deficiency judgments is allowed varies on a case by case basis.

New Information on North Carolina Foreclosure Laws and regulations:

An act to abolish deficiency judgements in certain cases where the mortgage is secured by primay residence.To view NC HB 1057 click here

Provides that a court clerk may delay the hearing up to 60-days in a foreclosure action on a principle residence if the clerk has good cause to believe that the parties may settle.To view NC SB 974 click here

For more information on North Carolina Foreclosure laws and regulations visit  http://www.ncsl.org/public/leglinks.cfm and click on your state.

Or Contact:

North Carolina's Attorney General's Office
P.O. Box 629
Raleigh, NC 27602
Ph: (919) 733-3377