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If your foreclosure sale is 30 days away, we have time. If it's tomorrow, we probably do not, but call us anyhow.

Even reading this guide is a great step. Now let's walk through the process so you know where you really stand. North Carolina is a, which suggests most foreclosures happen without a claim, just a quick hearing before the Clerk of Superior Court. The procedure is governed mainly by, and federal law adds extra requirements through the CFPB's Regulation X.

Your servicer will charge a late cost (typically 45% of payment). No foreclosure activity is allowed under federal law this early. Call, letters, e-mails. The tone is still collection, not foreclosure. Call your servicer and discuss your scenario, they have alternatives at this stage they won't mention unless you ask.

This is still NOT the start of foreclosure. If you have actually used for forbearance or modification and they haven't responded, foreclosure usually can't begin. Federal law usually prevents servicers from officially beginning foreclosure till you're more than 120 days past due.

You'll be served, in individual (10+ days before hearing), posted on the residential or commercial property (20+ days before hearing), or by means of licensed mail. Read this notice right away. It includes your hearing date. A quick hearing is held before the Clerk of Superior Court. This is NOT a trial. The clerk just determines 4 things: the debt stands, you remain in default, the servicer can foreclose, and the notification was correct.

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Under N.C.G.S. 45-21.16, the clerk might postpone if you have an affordable capability to deal with the default. If the clerk licenses foreclosure, you'll get a Notice of Foreclosure Sale containing: date of sale (a minimum of 20 days out), time and location (typically court house actions), and minimum opening bid. The notice is also released in a local paper for 2 successive weeks before the sale.

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It's normally short. The greatest bidder wins, frequently the bank itself bids its outstanding loan balance. Under N.C.G.S. 45-21.27, for 10 days after the sale, anybody can be available in and quote at least 5% greater than the winning bid. If somebody submits an upset bid, a new 10-day period starts.

This is the outright last legal window. From very first missed payment to losing the home: usually 69 months.

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Offering before foreclosure is submitted preserves your credit more than offering after. Call us, call a housing counselor, call an insolvency lawyer.