How long can I stay in my house after a foreclosure sale in North Carolina?
Not being told to leave the day of the auction is normal. In North Carolina the sale is not final for at least ten days, and even after that the buyer has to go through the Clerk before anyone can be removed.
What happens after the auction
Upset bid period. For ten days after the sale, anyone can file a higher bid, and each new bid restarts the ten days. You still own the house. How it works.
Deed to the buyer. When a ten-day period ends with no new bid, the trustee delivers a deed to the final bidder.
Order for possession. If you are still in the home, the buyer asks the Clerk of Superior Court for an order for possession. You are given notice.
Sheriff. If you have not moved by then, the sheriff carries out the order. You are given notice before this happens too.
If you rent the home
Tenants with a genuine lease generally keep more protection. Under the federal Protecting Tenants at Foreclosure Act, a new owner must give a bona fide tenant at least 90 days’ notice to vacate, and in many cases must honor the rest of the lease. North Carolina also requires notice to residential tenants before a foreclosure sale.
Use the time you have
Until the upset bid period ends, you can still pay off the loan and costs to end the proceeding, and a bankruptcy filing can stop the transfer. If the sale brought more than was owed, you may be entitled to surplus funds — claim them. And if there is a sale date that has not happened yet, there are still ways to stop it.
Frequently asked questions
Do I have to move out the day of the foreclosure auction?
No. The sale is not final for at least ten days, and the buyer cannot remove you without an order for possession from the Clerk.
Can I buy my house back during the upset bid period?
You can pay off what is owed plus costs before the period ends, which ends the proceeding. That usually takes a refinance or a family loan.
What happens to my belongings?
Move them before the order for possession is carried out. Property left behind after that is handled under North Carolina’s rules for abandoned property, and you may lose it.
General information for North Carolina homeowners. It is not legal, tax or financial advice. Terri Lombardo is a licensed real estate broker, not an attorney or tax adviser.
Free HUD-approved housing counseling is available to North Carolina homeowners through the NC Housing Finance Agency on 1-888-442-8188.
The auction just happened?
Call now. During the upset bid period there may still be options, and if there was surplus, we can point you to how to claim it.
Serving Charlotte and the surrounding counties.