Attorney General’s Office
P.O. Box 629
9001 Mail Service Center
Raleigh, NC 27699-9001
Tel: (919)716-6400
www.ncdoj.com
Type of Document: Trust Deed
Types of Foreclosure:
Non judicial foreclosure is possible with a power of sale clause in the deed of trust.
Judicial foreclosure is less common but still available to a lender.
Deficiency: The lender can be granted a deficiency on other than
purchase money properties. Again, market value, not the sale
purchase price must be considered when determining a deficiency
judgment.
Redemption:No redemption is allowed under the non judicial procedure
Oddities of the state: When a property is sold at a foreclosure sale, it
is not final. For a period of ten days the price may be overbid; 10%
of the first $1,000, 5% for anything over $1,000.
