North Carolina Foreclosure Laws

The Administration of foreclosure in the North Dakota State is done through the court system and the procedure takes about five months to complete.

Pre-foreclosure Period

The North Dakota law requires that the lender gives a notice of initiating foreclosure proceedings against the borrower, to the borrower, at least 30 days prior to the commencement of the proceedings. The notice shall be served in person to the borrower, and other stake holders if any, and if cannot be served in person, the lender shall publish the notice of foreclosure proceedings in the county newspaper.

The notice to the borrower shall state;

  • The full description of the real estate.
  • The date of commencement of mortgage and the amount for which it is mortgaged.
  • The total amount payable by the borrower, with details of principal, interest, taxes, legal fees and other costs.
  • A statement proclaiming that if the said amounts are not paid within a period of 30 days from the date of mailing the notice, the foreclosure proceedings shall commence.

The lender shall file the necessary documents with the court for the foreclosure after the notice is duly served to the borrower. The debt owed by the borrower is assessed by the court and the borrower is ordered by the court to pay the dues with a specified time. If such amounts, as specified by the court, is not paid by the borrower within the time then the property is put up for sale as per the court clerk's advertisement.

The process of pre-foreclosure can be halted by the borrower anytime within the period of 30 days of serving the notice, by paying the amounts due to the lender.

Auction Notice

Notice of the sale is sent to the borrower. It would take about two months to properly publish the notice of foreclosure sale. The last publication should not be less than 10 days from the date of intended sale.

The auction sale of the property in the designated date is done by the Sheriff or his deputy. The property is sold to the highest bidder. The highest bid amount is to be remitted in full, in cash, immediately on the completion of the sale. The prized bidder is issued a certificate of sale for the property until the completion of the borrower's redemption period.

The redemption period is typically six months, after the end of which, if the borrower has not redeemed the property, the prized bidder will be given the title of the property.

Any surplus arising out of the proceeds of the foreclosure sale, after the discharge of the debts, shall be remitted with the court for a three month period, within which the surplus amount has to be applied for by the borrower. If there is no claim for the surplus sum, the court shall put the same for interest for the benefit of the borrower.

The North Dakota real estate foreclosure law permits the redemption of the property sold in a foreclosure sale within a period of one year. The borrower can redeem the property by paying the dues in full within the redemption period.

If you need more information about North Dakota foreclosure laws, you should contact a foreclosure lawyer, or contact us so we can recommend one for you.

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