NORTH CAROLINA POWER OF SALE FORECLOSURE

PROCESS TIMELINENORTH CAROLINA
POWER OF SALE FORECLOSURE

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THE TIME LINEThe Foreclosure Cycle

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SUBSTITUTE TRUSTEEA substitute trustee is appointed to replace a trustee under a deed of trust.

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NOTICE OF HEARINGNotice of Hearing commences the foreclosure action.

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FORECLOSURE NOTICENotice may be served personally (10 days) or posted (20 days)

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NOTICE OF HEARING Hearing before Clerk of Court (10 days to appeal order)Service of ProcessValid debtDefaultRight to foreclose

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NOTICE OF SALENotice of Sale

Posted for 20 daysServed 20 days before sale (25 days for IRS)Published in newspaper for 2 consecutive weeks

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SALE DAYSale DayOpening bid by the lender; between 10am and 4pm5% down in cash or certified fundsCould be postponed with notice, or canceled without noticeReport of SaleSale not final until upset bid period expires (10 days)

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FINAL REPORT Final Report filed and Notice of Foreclosure recorded.

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HIGH BIDDER DEFAULTS A high bidder who defaults on its bid is liable for fees and costs of re-sale plus any loss to the lender.

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AS IS PURCHASEA Trustee Deed conveys no warranty of title AS IS Purchase.

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OUTSTANDING LIENSTitle must be examined to avoid risks of outstanding liens or potential defects in the foreclosure action.

Thank You

For more information contact the

Maitin Law Firm, PLLC8396 Six Forks Road, Suite 201 Raleigh NC 27615 U.S.A.Phone: 919-846-1057

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