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Email: help@equityshieldadvocates.com
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Sample Foreclosure Timeline for Homeowners in North and South Carolina
A Generalized Foreclosure Timeline:
Day 1-15: Missed Payment
If a payment is missed, the lender typically sends a notice of default or a demand letter. This notification informs you of the missed payment and the potential risk of foreclosure, providing a deadline to bring your account up to date.
Day 30-45: Acceleration and Notice of Sale
Failing to bring your account current within the given timeframe results in the lender accelerating the loan, meaning the entire loan balance becomes due immediately. The lender will then file a notice of sale with the county clerk detailing the time and place of the foreclosure sale.
Day 60-105: Notice of Hearing
The county clerk will send you a notice of hearing at least 20 days before the scheduled hearing. This hearing, held in the county where the property is located, will determine if the foreclosure sale should proceed.
Day 120: Foreclosure Sale
If the hearing permits the foreclosure sale to move forward, the property will be auctioned. The sale typically takes place at the courthouse or on the property itself. The highest bidder will become the new owner of the property. However, there's an additional step to consider...
In North Carolina: The Upset Bid Period
In North Carolina, there is a ten-day upset bid period following the foreclosure sale, allowing other interested parties to place higher offers on the property. This period gives others the opportunity to purchase the property at a higher price, potentially resulting in the original bidder losing their deposit and any invested funds.
During the upset bid period, interested parties can submit a new bid to the clerk of court in the property's county. This new bid must be at least five percent higher than the original bid and include a deposit of five percent of the purchase price. The clerk will then post the new bid, restarting the upset bid period and allowing further bids. This cycle continues until no new bids are placed within the ten days, at which point the highest bidder becomes the property's new owner. If the highest bidder defaults, the upset bid period will begin again.
No matter where you’re at in this process, it’s important to act quickly to preserve your family’s home. Call us at (704) 777-9173.