North Carolina Foreclosure Laws

Attorney General’s Office

P.O. Box 629
9001 Mail Service Center
Raleigh, NC 27699-9001
Tel: (919) 716-6400
www.ncdoj.gov/

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.

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