The Steps in the Foreclosure Process

1. Notice of Default– This notice is filed at the county courthouse by the lender trustee. 

Once the notice if filed it becomes public information from newspapers and placed on the local foreclosure board. Your lender will send you a copy of the notice of default by mail, if you have left the house and do not receive this notice, your bank will still proceed with the foreclosure process.  The Sheriff department will serve you with the Notice of default papers and if you are not present will place them on the door after a few attempts.

 2. Reinstatement Period– You can bring your loan current and pay all fees against your property a couple days before the sale. You will have to pay the payments in arrears plus the attorney and court fees assessed. 

 3.  Notice of Trustee Sale– If within the time period you do not bring the loan current the trustee for the bank will proceed with setting a date for your property to be sold. The trustee will make the sale public, stating the day and time of the sale, in North Carolina the sale is at the Courthouse steps and starts about 10am or 11am.

 4. Redemption Period– You will have the chance to reinstate the loan until there is a bid placed on the property. During this period the loan has to be paid in full plus all the attorney fees and court cost.

 5. Trustee Sale– During this time frame the trustee of the bank sells your property to the highest bidder and they now become the owner of your property. 

 These steps can take anywhere from 90-120 days.   If you can’t come up with the money to save your home call us at 252-631-6233.  We can purchase your home and/or help you with this process of foreclosure.