Under and by virtue of an order of the Cabarrus County, NC, Superior Court, the undersigned Tax Collector, through her legal representative will offer for sale and sell for cash, to the last and highest bidder at public auction, at the date, time, and location indicated below, the real estate as described herein. A house that has gone through a foreclosure auction and failed to attract any acceptable bids may remain the property of the owner of the mortgage. Executor (Father) never shows up to claim his abandoned property, so the STATE takes ownership; they fulfilled due process by way of public notice in the newspaper.
The mortgage holder can usually initiate foreclosure anytime after a default on the mortgage. Explain your current situation—Be ready to outline your current hardship and explain why you are having trouble making your mortgage payment, why this is a long-term problem and confirm that you are ready to leave your home to avoid foreclosure.
The holder of a mortgage without this clause has only two options: either to wait until all of the payments come due or convince a court to compel a sale of some parts of the property in lieu of the past due payments. Visit our At-A-Glance page to view a helpful guide of the Foreclosure / Trustee sale process from start to finish.
A tenant may have trouble paying rent during the foreclosure proceedings because their landlord/agent may have gone out of business or moved their office without leaving a forwarding address. Notice of the sale is advertised in The News & Observer and posted on the bulletin board inside the Salisbury Street entrance of the Wake County Courthouse 20 days prior to the auction date.
The BAR Attorney has a Superseding Oath to the BAR aka British Accreditation Registry; their first loyalty is to the court. Foreclosure by power of sale, also known as nonjudicial foreclosure, is authorized by many states if a power of sale clause is included in the mortgage or if a deed of trust with such a clause was used, instead of an actual mortgage.