(704) 549-1950

Understanding the Foreclosure Process

Home > GPS Law Group Blog > Understanding the Foreclosure Process

If you have received a notice that your lender is beginning the process of foreclosure or you suspect they will be doing so shortly because you have fallen behind on your financial obligation to the lender, the sooner you consult an attorney experienced with foreclosure, the better. There are two types of foreclosure in North Carolina – nonjudicial and judicial, with nonjudicial being the most prevalent.

Understanding the Foreclosure Process

A judicial foreclosure is when the lender files a lawsuit against you, leaving a judge to decide the matter. In a nonjudicial, there is just a hearing before the clerk of court prior to the actual foreclosure sale. There are four types of notices that must be done by the foreclosing party:

  • Pre-foreclosure notice – At least 45 days prior to foreclosure
  • Notice of default – At least 30 days prior to the date of the notice of hearing
  • Notice of hearing – At least 10 days prior to hearing (20 days if served by posting)
  • Notice of sale – At least 20 days before the sale

As you can see, you should get sufficient notice, leaving you time to stop the foreclosure by reinstating and catching up on missed payments, plus fees and costs. There is also a 10-day period after a foreclosure sale where you can redeem the house.

Another thing you should know about foreclosure is that in North Carolina, the foreclosing party can get a deficiency judgment if the sale did not satisfy the mortgage, although they are barred in certain cases. Your attorney can advise you whether this could occur in your foreclosure situation.

If you are facing foreclosure in the Charlotte, North Carolina area and you would like a better understanding of your rights and the process of foreclosure, give us a call at GPS Law Group. We have the experience to assist you with many different real estate law cases, so don’t hesitate to contact us if you have questions.