The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
North Carolina Petition or Complaint to Enjoin Nonjudicial Foreclosure Sale and for Declaratory Relief
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FAQ
Most foreclosures in N.C. are "non-judicial" foreclosures, which means that they are heard in front of the county clerk, not a judge.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
The foreclosure hearing may come as soon as 20 days after you get the Notice of Foreclosure Hearing. Judges generally do not hear foreclosures. North Carolina is what is called a ?power of sale? state. This means that generally no judge will hear a foreclosure, instead foreclosures are heard by the clerk of court.
Your Rights under North Carolina Law If you rent a house or an apartment in a complex that has fewer than 15 units, state law allows you to end your lease anytime between 10 and 90 days after the foreclosure sale without paying early termination fees if you give your landlord written notice.
What Are the Options Available for Borrowers During Foreclosure in North Carolina? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before or after the sale, or filing for bankruptcy.
While many states say that sales are final, you are given a short period in which you can redeem your home under North Carolina law. This period lasts for just ten days after the home is sold.
A foreclosure sale can be finalized at the conclusion of the ?upset bid period.? Once the foreclosure sale is conducted, there is a 10-day period in which other bidders may place a higher bid, or ?upset bid,? for the real property.
