Real Estate Law
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Generally, it's about 60 days from the date the lawsuit is filed, although there are some notices required. The lender has to send a Pre-foreclosure notice at least 45 days before starting the foreclosure (by filing a notice of hearing), and the foreclosing party must mail the borrower a notice about the total; amount due and resources that are available to avoid foreclosure pursuant to N.C. Gen. Stat. § 45-102.
Then, The foreclosing party must mail a notice of default to the borrower 30 days prior to the date of the notice of hearing. N.C. Gen. Stat. § 45-21.16(c)(5a).
You would be liable for the attorney's fees, costs, and the difference between what you owe and what they sell the property for at auction although commercial lenders rarely actually pursue that amount.