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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33708
Experience:  15 years real estate, Realtor. Landlord 26 years
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Regarding "right of redemption" home foreclosure. In N.C.

Customer Question

Regarding "right of redemption " home foreclosure. In N.C. there is a 10 day period to pay full amount of the loan, thus upset previous bids. I'm working w/ financial company, who's willing to pay. Court of clerks said I will have to have a lawyer to get any information. How can I make this happen? Can we not just go to whomever and pay? Then everyone will get their money and move on. Also, where do we go (office?) To pay?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Barrister replied 10 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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You have the 10 day "upset period" to pay the debt in full and redeem the property (N.C. Gen. Stat. §45-21.20, §45-21.27). In order to redeem, you must pay the full amount of the mortgage debt plus all foreclosure expenses (N.C. Gen. Stat. §45-21.20). To find out the exact amount you’ll need to pay to redeem your home, contact the foreclosing lender’s attorney and request the "amount to cure"

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Then you have to pay a deposit to the clerk of the superior court and the statute says this:

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""an upset bid shall be made by delivering to the clerk of superior court, with whom the report of sale or last notice of upset bid was filed, a deposit in cash or by certified check or cashier's check satisfactory to the clerk in an amount greater than or equal to five percent (5%) of the amount of the upset bid but in no event less than seven hundred fifty dollars ($750.00). The deposit required by this section shall be filed with the clerk of the superior court, with whom the report of the sale or the last notice of upset bid was filed by the close of normal business hours on the tenth day after the filing of the report of the sale or the last notice of upset bid, and if the tenth day shall fall upon a Sunday or legal holiday when the courthouse is closed for transactions, or upon a day in which the office of the clerk is not open for the regular dispatch of its business, the deposit may be made and the notice of upset bid filed on the day following when said office is open for the regular dispatch of its business.""

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Then it talks about a bond being required if full payment is not tendered:

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""(b) The clerk of the superior court may require an upset bidder or the highest bidder at a resale held pursuant to G.S. 45-21.30 also to deposit with the clerk a cash bond, or, in lieu thereof at the option of the bidder, a surety bond, approved by the clerk. The compliance bond shall be in such amount as the clerk deems adequate, but in no case greater than the amount of the bid of the person being required to furnish the bond, less the amount of any required deposit. The compliance bond shall be payable to the State of North Carolina for the use of the parties in interest and shall be conditioned on the principal obligor's compliance with the bid.""

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thanks

Barrister

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