Foreclosures Now Take 20 Months | RISMedia

Remember North Carolina is a non-judicial state Foreclosures Now Take 20 Months RISMedia

While it does take longer to foreclose in NC than it used to, it's still not taking 20 months. Non-judicial foreclosures don't have to go through the court. Rather a Notice of Default can be recorded and a Notice of Sale mailed to the homeowner and an eviction notice posted. The property then proceeds to be sold on the courthouse steps, and the highest bidder becomes the new owner. Usually banks buy back their foreclosures, so they can sell them and recover their investments. This keeps the titles clear and gives others an opportunity to purchase the property. If the bank acquires the property they'll soon list it for sale with a real esate firm. These firms may be said to handle REO or Real Estate Owned properties. Different states have different procedures and different lenders manage things differently, too.

If you want to find out about foreclosures in your county, you can go to the courthouse to the local clerk of court's office and ask where the foreclosure notices are kept. These are public record.