What are the foreclosure timelines in my state?

In North Carolina, the foreclosure timeline depends on whether the mortgage is considered a "judicial" or "non-judicial" foreclosure. A judicial foreclosure is one that is subject to court supervision. This type of foreclosure typically takes between 4-6 months from the filing of the lis pendens to the sale of the property. For a non-judicial foreclosure, however, the timeline is shorter. Once the lender has filed the lis pendens, they must wait twenty days before sending a notice of sale to the borrower. The notice of sale must be sent at least 25 days but no more than 45 days before the actual foreclosure sale. The foreclosure sale must take place within five business days of the date included in the notice of sale. The timeline for this type of foreclosure can be as brief as two months. It is important to note that foreclosure timelines in North Carolina may vary. For example, if there is a pending bankruptcy, the foreclosure process may be delayed much longer than either of the typical timelines outlined above. Additionally, the lender may sometimes provide additional documents to the borrower that may extend the timeline. Therefore, if you are facing a foreclosure in North Carolina, it is important to check with an attorney to determine the specific timeline that applies in your particular situation.

Related FAQs

Can I pay off a foreclosure in full?
What is the difference between foreclosure and bankruptcy?
Can I be evicted after a foreclosure?
What is a redemption period?
Can I get a loan modification during a foreclosure?
What are the duties of the lender in a foreclosure?
Can a lender pursue a deficiency judgment in a foreclosure?
How do I avoid foreclosure proceedings?
What is an upset bid in a foreclosure?
Can a lender foreclose on a property without a court order?

What are the foreclosure timelines in my state?

Related FAQs

Related Blog Posts