The Foreclosure Timeline
Sometimes I am confused by the events and the timeline in the foreclosure
process. I assume it is different in each state due to the different foreclosure laws. It
appears that the first step is the recording of the substitution trustee papers, next the
trustee deed, then the notice of foreclosure. Of course any of these steps can be
interrupted if the borrower sells or makes an acceptable arrangement with the
lender. I’ve also noticed that sometimes there are 2 or even 3 substitution trustee
recordings over a period of a couple of years before they stick a fork in the beast so
to speak. Is this where the lender is giving the borrower an additional chance? I’m
curious when is the best time to call the borrower.....and when is it too late to call
the borrower...also, when is it time to call the lender? I also wonder when if an
investor can miss the boat on some deals by relying solely on the newspaper for the
legal notices? There seems to me a maze behind the curtain with foreclosures.
Yes, foreclosure laws, customs, and practices may differ from state to state, county to county, and lender to lender.
It's important for you to know that your state, NC, is a trust deed, non judicial foreclosure state.
95% of all foreclosures in NC are under 'power of sale' handled by the trustee named in the deed of trust (or his/her attorney) or by a substitute trustee.
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