Re: Need help with NC foreclosure process questions...

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Posted by Jim V on June 25, 2003 at 01:42:37:

In Reply to: Need help with NC foreclosure process questions... posted by Angela on June 24, 2003 at 23:02:41:

: Here is my scenario:

: Foreclosure sale took place Monday, with the 1st foreclosing. We tried up until the last minute to delay the sale but were too late. The homeowner called the attorney later that day and was told that there were no bidders, and that the bank would give her 10 days to reinstate her loan by paying all the past due amount.

: My question is, is this normal? I thought the sale was the end. Why would they do this?

: And more importantly, does this wipe out the 2nd mortgage on the property, since the sale already took place, and the 2nd did not bid? If the homeowner reinstates her loan on the 1st, does she have to pay the 2nd as well, or is that now wiped out? Thanks for your help, I don't know how it works in NC.

I believe NC has a 10 day "upset" period where a higher bidder can upset a bid price at auction. If there are no bidders, or upset bidders, the lender will take title.

If the lender is providing the opportunity for the owner to re-instate during that period, junior loans would stay in place against the property.

Good opportunity for the homeowner, if they can accomplish it. Previous information is from memory, I didn't look it up, so I could be wrong.

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: : Here is my scenario:





: : Foreclosure sale took place Monday, with the 1st foreclosing.  We tried up until the last minute to delay the sale but were too late.  The homeowner called the attorney later that day and was told that there were no bidders, and that the bank would give her 10 days to reinstate her loan by paying all the past due amount.





: : My question is, is this normal?  I thought the sale was the end.  Why would they do this?





: : And more importantly, does this wipe out the 2nd mortgage on the property, since the sale already took place, and the 2nd did not bid?  If the homeowner reinstates her loan on the 1st, does she have to pay the 2nd as well, or is that now wiped out?  Thanks for your help, I don't know how it works in NC.





: I believe NC has a 10 day "upset" period where a higher bidder can upset a bid price at auction.  If there are no bidders, or upset bidders, the lender will take title.





: If the lender is providing the opportunity for the owner to re-instate during that period, junior loans would stay in place against the property.





: Good opportunity for the homeowner, if they can accomplish it.  Previous information is from memory, I didn't look it up, so I could be wrong.








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