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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: NC Foreclosure Statutes Posted by SeanW on April 24, 2003 at 6:25 PM In Reply to: NC Foreclosure Statutes posted by SeanW on April 23, 2003 at 7:02 PM More reading on NC, (for anyone that cares).. ----- You have to give the ex-owner a ten day notice to vacate after a foreclosure. The priority of debts at a sale is trustees' fees, state tax, county tax, special assessments, deeds of trust, general liens. Mechanics' liens must be filed within 120 days of the delivery of materials, and petitioned for judgement within another 180. Judgements can last 10 years, (although some state liens have no expiry). Tax liens cannot be assigned to private individuals. But property does go to sale for unpaid taxes. It can take a year after the notice of default before it happens, though. (I bet locating these tax lien sales and participating is a very off-the-beaten track thing!) A low price alone cannot undo a sale. It has to be a low price in connection with some kind of mistake. A foreclosure is not considered final until the upset bid period has ended, since the owner still has interest in the land. (So it sounds like it would be possible to continue to negotiate with the owner for 10 days after the bidding-- if you wanted to reinstate but didn't want to pay the 5% upset bid requirement... although I did not read this conclusion explicitly anywhere.) Bankruptcy filing trumps the upset bid period. It basically lasts longer, and exhausts the timeline. ----- .... and I found another good book to study. "The Guidebook for Registers of Deeds". It's written for someone considering running for office (the R.O.D. is an elected official). But it contains a lot of background information on the duties of the R.O.D., and how a court recorder's office functions. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : More reading on NC, (for anyone that cares).. : ----- : You have to give the ex-owner a ten day notice to vacate after a foreclosure. : The priority of debts at a sale is trustees' fees, state tax, county tax, special assessments, deeds of trust, general liens. : Mechanics' liens must be filed within 120 days of the delivery of materials, and petitioned for judgement within another 180. : Judgements can last 10 years, (although some state liens have no expiry). : Tax liens cannot be assigned to private individuals. But property does go to sale for unpaid taxes. It can take a year after the notice of default before it happens, though. (I bet locating these tax lien sales and participating is a very off-the-beaten track thing!) : A low price alone cannot undo a sale. It has to be a low price in connection with some kind of mistake. : A foreclosure is not considered final until the upset bid period has ended, since the owner still has interest in the land. (So it sounds like it would be possible to continue to negotiate with the owner for 10 days after the bidding-- if you wanted to reinstate but didn't want to pay the 5% upset bid requirement... although I did not read this conclusion explicitly anywhere.) : Bankruptcy filing trumps the upset bid period. It basically lasts longer, and exhausts the timeline. : ----- : .... and I found another good book to study. "The Guidebook for Registers of Deeds". It's written for someone considering running for office (the R.O.D. is an elected official). But it contains a lot of background information on the duties of the R.O.D., and how a court recorder's office functions. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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