Wake North Carolina Complaint or Petition by Purchaser Against Possessor of Real Property After a Foreclosure Sale Pursuant to a Deed of Trust

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Wake
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US-01014BG
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Keeping possession of real property without a right, such as after a lease has expired or after the real property has be sold by the possessor, may entitle the owner to file a lawsuit for "unlawful detainer," asking for possession by court order, unpaid rent and damages. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.

Wake North Carolina Complaint or Petition by Purchaser Against Possessor of Real Property After a Foreclosure Sale Pursuant to a Deed of Trust is a legal document filed by a purchaser against the possessor of a property following a foreclosure sale in Wake County, North Carolina. This complaint or petition aims to address any issues or challenges faced by the purchaser after acquiring the real property through a deed of trust foreclosure sale. It is essential to understand the different types of complaints or petitions that can be filed in these scenarios. 1. Wrongful Possession: If the possessor of the property refuses to vacate the premises despite the foreclosure sale, the purchaser can file a complaint against them for wrongful possession. This type of complaint involves seeking a court order to remove the unauthorized occupant(s) from the property to gain full possession and control. 2. Property Damage: If the purchaser encounters significant property damage caused by the former possessor or a third party after the foreclosure sale, they can file a complaint or petition seeking compensation for the damages. This could include damages to the structure, fixtures, or any other assets that were part of the property during the foreclosure sale. 3. Breach of Contract: In some cases, the purchaser may discover undisclosed defects or issues with the property that were not disclosed during the foreclosure sale. This may give rise to a breach of contract complaint against the former possessor or the selling party, seeking remedies such as rescission of the sale, specific performance, or monetary compensation for any necessary repairs or renovations. 4. Failure to Vacate: If the former possessor continues to occupy the property even after receiving notice or after the expiration of any required redemption period, the purchaser can file a petition seeking a court order for eviction. This type of petition is designed to regain full possession of the property. 5. Declaratory Judgment: In certain situations, the purchaser may file a petition for declaratory judgment to determine their rights and obligations as the new property owner. This type of petition seeks a court decision that clarifies any legal issues or disputes that may arise concerning the foreclosure sale, possession, or other related matters. 6. Quiet Title Action: If there is a cloud on the title of the property, meaning there are competing claims or uncertainties surrounding the ownership rights, the purchaser can file a complaint seeking a quiet title action. This legal action aims to establish clear title ownership and remove any claims or disputes from the property. In conclusion, Wake North Carolina Complaint or Petition by Purchaser Against Possessor of Real Property After a Foreclosure Sale Pursuant to a Deed of Trust encompasses various legal actions that a purchaser can take against the possessor of a property following a foreclosure sale. These actions aim to resolve issues related to wrongful possession, property damage, breach of contract, failure to vacate, declaratory judgments, or quiet title actions.

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How to fill out Wake North Carolina Complaint Or Petition By Purchaser Against Possessor Of Real Property After A Foreclosure Sale Pursuant To A Deed Of Trust?

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FAQ

It is used when there is a power-of-sale clause in the deed of trust that secures the mortgage loan by giving the trustee the authority to sell the home to pay off the loan balance at the request of the lender if the borrower defaults (fails to make payments).

In a foreclosure by judicial sale, the redemption period is six months from the date of the foreclosure decree, unless the court orders a shorter time. Redemption is also available before the sale takes place, even if the initial redemption period expired.

A quick rule of thumb is that in judicial states, home loans are secured by a mortgage, whereas in nonjudicial states, home loans are typically secured by a deed of trust....Foreclosure Procedures by State. StateJudicial (Mortgages)Nonjudicial (Deeds of Trust)North Dakota2713Ohio2713Oklahoma27132713Oregon2713271347 more rows ?

Foreclosure is the legal process of taking possession of the property to sell at auction. Once the property sells at auction, you are no longer in foreclosure. After foreclosure, you must find a new place to live and start rebuilding your financial life.

In California, you might be able to repurchase or "redeem" your home after losing it in a foreclosure, but only under specific circumstances. Whether you can redeem your home depends primarily on whether the foreclosure was nonjudicial or judicial.

The right of redemption allows homeowners to keep their homes if they pay back what they owe even after their lender starts the foreclosure process or puts the home up for sale at public auction.

When a property goes into foreclosure, it is entrusted to a trustee to try and resell the property in an attempt to recoup any losses. The trustee can sell the foreclosed property at a public auction. When a trustee sells a foreclosed property at auction, it is known as a trustee sale.

Redemption. Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process. Many states have some type of redemption period.

Notices are entitled Notice of Trustee's Sale or Notice of Substitute Trustee's Sale. They provide information about the debt, the legal description of the property, and designate a three-hour period during which the sale will be held.

The property mortgaged is only a security for the payment of the money lent. The mortgagor is entitled to get back his property on payment of the principal and interest after the expiry of the due date for the repayment of the mortgagee's money. This right of the mortgagor is called the Right of Redemption.

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Irregularity in the foreclosure process that makes the sale void under state law noncompliance with the terms of the mortgage, or A duty of the Sheriff is to conduct the sale of real property after foreclosure proceedings have been completed.

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Wake North Carolina Complaint or Petition by Purchaser Against Possessor of Real Property After a Foreclosure Sale Pursuant to a Deed of Trust