How does a foreclosure on a home in NC work?
Someone I know is having her home foreclosed/auctioned on Tuesday, in Charlotte NC, and I may need to help her find info fast. How long will she have to get her belongings out of the house if the sale/auction is to take place on Tuesday? Will she have to move her stuff out by Tuesday? Or will she have at least some time to get her stuff together and move out?
I’ve already advised her to start packing and moving everything already. I also found a place that has great storage, but need to find manual labor to move the stuff out for her. Any suggestions on finding manual labor to move her stuff would be appreciated as well.
Does anyone know the process? for NC specifically would be awesome!
Thank you in advance. 
One Response
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16 Dec 2009
So she is at the sales phase of the foreclosure? She did not know this day would eventually get here? There is almost a 3-4 month period between the day the notice of default was issued or she was to appear in front of a judge and now.
Well you are in luck some what. Normally at the sale/auction a couple of things happen.
1. Someone makes a successful bid on the property and will be the new owner. It takes a couple of days for the title to clear and get recorded at the county recorder’s office. So she has at least 4-5 work days, before someone will contact her and tell her she has to move from the new owner.
2. At the sale/auction no one bid the minimum, the property now becomes the property of the lender. Again it will take several business days before all the legal documents are prepared and signed by all concerned, especially if the lender is out of town and not a local lender.
Since it is now the property of the lender the lender, in most cases, will or has hired a local real estate broker to sell the property for any price over the loan balance. This real estate broker or his representative will contact you. He/she expects for her to give them a date to move out of the property. They might even be able to give you a bit of moving money. You might tell them the reason she has not moved is because she has no money. In some instances they are authorized to give them some moving cash as long as they promise not to trash the place.
I hope this has been of some use to you, good luck.
"FIGHT ON"