What is the foreclosure timeline?

In North Carolina, the foreclosure timeline typically takes six months. After a lender has filed a foreclosure complaint and the homeowner has been notified, the court will hold a hearing. At the hearing, the homeowner will have the chance to prove they have the ability to repay the debt and save their home. If the homeowner can’t prove they have the ability to pay, the court will grant the lender the right to foreclosure. This will happen if the homeowner doesn’t dispute the foreclosure or the court decides that they can’t repay the debt. After the court grants the lender the right to foreclosure, the lender will typically set a date for the foreclosure sale. The foreclosure sale is the final step in the timeline. During the foreclosure sale, the lender will auction off the home. The lender will take the highest bid and use it to pay off the loan. In some cases, the lender may choose to purchase the home with their own funds. Once the foreclosure sale is complete, the homeowner will be evicted and will no longer own the home.

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What is the foreclosure timeline?

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