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Chatham County, NC
Please visit our International Site for listings outside the United States. All rights reserved. If the case is appealed, it will be heard by a judge. If the case is filed as a civil action, it will be heard by a judge.
What is a foreclosure?
In a power of sale foreclosure, the lender must prove that it is authorized to foreclose on the real property. In order for the trustee or substitute trustee to obtain an order allowing the sale of real property, the clerk must find the existence of the following:. Evidence may include testimony of the borrowers and other witnesses, as well as written documents. In a special proceeding, the clerk of superior court may only consider evidence related to the six elements listed above, including legal defenses. This means that a borrower may argue, for instance, that the mortgage company lacks the authority to foreclose because the deed of trust does not secure the note or that the borrower is not actually in default.
However, a borrower may not present equitable defenses in the special proceeding, such as that the mortgage company committed fraud or breached its contract with the borrower.
Borrowers considering potential defenses to a foreclosure should consult an attorney licensed in North Carolina. Because foreclosure cases are civil, not criminal, no one is arrested for failure to appear in court.
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If the trustee or substitute fails to appear, the clerk of court may deny the request for foreclosure. The clerk of superior court may enter an order allowing a trustee to proceed to sell the real property according to the sale procedures set forth in the North Carolina General Statutes. Continuances, or postponements of the court date, are available under some circumstances.
If the debtors occupy the real property as a principal residence, the clerk of superior court must continue a hearing for up to 60 days from the date of the original hearing date if, at the commencement of the hearing, the clerk finds there is good cause to believe that additional time or additional measures have a reasonable likelihood of resolving the delinquency without foreclosure.
This requires filing a written notice of appeal. There is not a standard form for the notice of appeal. Borrowers or real property owners considering an appeal should consult an attorney licensed in North Carolina. In order to prevent a foreclosure sale from moving forward while the case is on appeal, a borrower or property owner must pay a bond to the clerk of superior court. If the bond is not paid, a judge can still hear the appeal, but the trustee can proceed with a foreclosure sale before a judge decides the appeal.
The judge is limited to hearing the same issues considered by the clerk of superior court, as listed above. A party who wishes to raise equitable arguments must file a separate lawsuit. A date for the foreclosure sale is often, but not always, scheduled at the end of the foreclosure hearing before the clerk of superior court, if the clerk enters an order allowing the trustee to proceed with foreclosure.
The notice of sale must be served according to statute and posted at the courthouse for at least 20 days before the scheduled sale date and must be advertised in a newspaper.
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Once scheduled, the foreclosure sale date can later be postponed or canceled by the lender. A lender may choose to postpone or cancel the sale if the borrower is actively working with the lender to save the property. Each new upset bid starts a new round of bidding, and another day period begins to run from the date of the most recent upset bid. Once the day period passes with no further bids, the foreclosure sale may be finalized.
Borrowers may consult an attorney licensed in North Carolina about their legal options during this period. The deed will be recorded in the county register of deeds office. The trustee or substitute trustee will file an accounting of the sale proceeds with the clerk of superior court. If a property owner does not willingly vacate the property, the new owner may take legal action though the court to obtain possession, such as applying for a court order for possession or a writ of possession. Tenants occupying the real property may have additional rights and should consult with an attorney licensed in North Carolina with any questions about what rights they may have to remain in the property.
Tax Deed Sales – taira-kousan.com
Alert Cagertory Placeholder. Link Text Placeholder. About What is a foreclosure? What is a power of sale foreclosure? These listings can go fast, so be prepared to move quickly. Find a mortgage lender who understands your goals, and gather the necessary paperwork to obtain a preapproval letter.
Finding the right price to offer is as much an art as it is a science. Soffee says he runs a CMA from the last days and evaluates several factors, including the pace of home sales, tax assessment history and a deeper analysis of similar properties nearby that have recently sold. Keep in mind that the type of house and location matter, and some homes might sell faster than others. In competitive markets, you might need to offer asking price or slightly more if there are multiple bids and keep contingencies at a minimum.
Buying a foreclosed home is a personal decision and it depends on a variety of factors, including your risk tolerance and potential reward, financing and ability to move quickly.