The foreclosure process varies state to state, therefore you must speak to an attorney in your area to know your rights. Michael Doan wrote about how long people in California have to get out of their house after a foreclosure has taken place. According to Mr. Doan, people may have six months or longer to vacate a house in foreclosure. In North Carolina, foreclosures move faster than in California. The start of foreclosure to finalization of a sale could take as little as about six weeks to seven weeks in North Carolina.
In North Carolina, there is a Hearing where a magistrate reviews whether or not the mortgage company has the right to foreclose, and there are just a few things that the mortgage company needs to prove to be able to proceed to sale. Essentially, if payments are behind then the foreclosure can move forward. Sale is held approximately three weeks after the Hearing, and the sale is finalized ten days after the sale, unless additional bids are made to upset the previous bid, then another ten days is given for a new upset bid opportunity. Upset bids usually happen if the original bids are below market value.
Once the sale is final, it may take an eviction to get the former owner out of the property but many people chose to leave on their own, rather than face the eviction process. If forced to evict the resident, it could add a few weeks and there might be other things that could extend this time period, but for many people in North Carolina, it appears that they should make plans to find a new place to live much sooner than California residents.
It is possible to stop the foreclosure process and catch up missed payments in Chapter 13 bankruptcy. It is also possible to stop a foreclosure to sell a property with equity in it, through either Chapter 13 or Chapter 7. Bankruptcy stops foreclosures because the automatic stay prevents creditors from moving forward. In order to know if filing for bankruptcy will help stop your foreclosure, you must speak to an experienced bankruptcy attorney to discuss your particular situation.
By Susanne Robicsek, Bankruptcy lawyer in Charlotte NC.
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Last modified: October 22, 2012