North Carolina Foreclosures and Foreclosed Homes for Sale

Most mortgages in North Carolina contain clauses which authorize the lender to foreclose on a home out of court in the event of a default on payments. Because of this, non-judicial foreclosures are the most common type of foreclosure in North Carolina. However, although this clause allows lenders to foreclose outside of court, all lenders must still obtain a proper ruling which allows them to legally foreclose on a home.

When a homeowner is in default of a loan, the lender will schedule a preliminary hearing with the county clerk to determine whether the home can be foreclosed on legally. A notice of this preliminary hearing and a demand for payment in full must be sent to borrowers no later than 10 days prior to the hearing. After these procedures have been followed, the county clerk will either accept or reject the lender's request for foreclosure.

If the request is accepted, the lender must post a notice of sale at the courthouse, as well as have it published in a local newspaper once a week for two weeks. At least 20 days before the scheduled auction date, the lender is required to send a notice of sale to the borrowers.

It is possible for a foreclosure sale to be postponed in North Carolina without having to start the foreclosure process again. This is why it is important to engage the services of a qualified real estate agent, who can help you through this process and alert you to any potential changes. In addition, if a house you are interested in has been sold at auction to the lender, a real estate agent can guide you through the process of entering an upset bid, as long as 10 days have not passed since the date of auction.

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