Foreclosure Cycle

386 views

Published on

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
386
On SlideShare
0
From Embeds
0
Number of Embeds
16
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Foreclosure Cycle

  1. 1. NORTH CAROLINAPOWER OF SALE FORECLOSURE PROCESS TIMELINE
  2. 2. THE TIME LINE The Foreclosure CycleHTTP://MAITINLAW.TYLERCOINC.COM/
  3. 3. SUBSTITUTE TRUSTEE• A substitute trustee is appointed to replace a trustee under a deed of trust. HTTP://MAITINLAW.TYLERCOINC.COM/
  4. 4. NOTICE OF HEARING• Notice of Hearing commences the foreclosure action. HTTP://MAITINLAW.TYLERCOINC.COM/
  5. 5. FORECLOSURE NOTICE• Notice may be served personally (10 days) or posted (20 days) HTTP://MAITINLAW.TYLERCOINC.COM/
  6. 6. NOTICE OF HEARING Hearing before Clerk of Court (10 days to appeal order)C.Service of ProcessD.Valid debtE.DefaultF.Right to foreclose HTTP://MAITINLAW.TYLERCOINC.COM/
  7. 7. NOTICE OF SALE Notice of Sale•Posted for 20 days•Served 20 days before sale (25 days for IRS)•Published in newspaper for 2 consecutive weeks HTTP://MAITINLAW.TYLERCOINC.COM/
  8. 8. SALE DAY Sale DayB.Opening bid by the lender; between 10am and 4pmC.5% down in cash or certified fundsD.Could be postponed with notice, or canceled withoutnoticeE.Report of SaleF.Sale not final until upset bid period expires (10 days) HTTP://MAITINLAW.TYLERCOINC.COM/
  9. 9. FINAL REPORT• Final Report filed and Notice of Foreclosure recorded. HTTP://MAITINLAW.TYLERCOINC.COM/
  10. 10. 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. HTTP://MAITINLAW.TYLERCOINC.COM/
  11. 11. AS IS PURCHASE• A Trustee Deed conveys no warranty of title – AS IS Purchase. HTTP://MAITINLAW.TYLERCOINC.COM/
  12. 12. OUTSTANDING LIENS• Title must be examined to avoid risks of outstanding liens or potential defects in the foreclosure action. HTTP://MAITINLAW.TYLERCOINC.COM/
  13. 13. Thank YouFor more information contact the Maitin Law Firm, PLLC 8396 Six Forks Road, Suite 201 Raleigh NC 27615 U.S.A. Phone: 919-846-1057

×