How long does foreclosure take to complete?

Foreclosure is a legal process that a lender pursues to recover the loan amount from a borrower that has not paid their mortgage. The foreclosure process in North Carolina typically takes between 90-180 days. It begins with the lender sending a notice of default to the borrower, stating that they are in default of their loan payment. The borrower then has 30 days to pay the past-due amounts. If the borrower does not do this, the lender can file a notice of sale. The notice of sale is published in public newspapers for 20 days and the sale of the property is then auctioned off at the county courthouse. The bidder that wins the auction will then become the new owner of the property. After the auction is complete, the lender will go to court to obtain a writ of possession, which allows them to repossess the property from the former owner. The foreclosure process in North Carolina typically takes between 90-180 days, from start to finish. If an owner is unable to pay their mortgage, they should contact their lender and explore other options, like loan modification or refinancing, to avoid foreclosure.

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How long does foreclosure take to complete?

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