Articles related to Foreclosure

Many counties in Western North Carolina continue to struggle with the devastating effects of Hurricane Helene.  As of today, seven county courthouses are reporting closures of some type.  An updated […]

A power of sale foreclosure under North Carolina General Statutes Chapter 45 is intended to provide an efficient and expeditious alternative to a judicial foreclosure. In re Adams, 204 N.C. […]

* Note, this post focuses solely on the application of the federal Protecting Tenants at Foreclosure Act to Chapter 45 power of sale foreclosure proceedings.  Many foreclosures and evictions of occupants from properties acquired through foreclosure, including pursuant to an order for possession under G.S. 45-21.29(k) (the subject of this post), remain subject to a federal moratorium due to the pandemic.  This moratorium was recently extended through December 31, 2020.  To read more about current federal and state limits imposed on foreclosure proceedings due to the pandemic, click here.

A borrower stops making his home mortgage payments.  A lender files a power of sale foreclosure pursuant to G.S. Chapter 45 to foreclose the lien of the deed of trust.   After title to the property is transferred to a new owner out of the foreclosure, an occupant remains on the property.  The new owner of the property, also known as the successor in interest, files a petition with the clerk of superior court under G.S. 45-21.29(k) for an order for possession.  The petition and other evidence provided by the petitioner meet requirements of subsection (k) but the petition also states the occupant is a bona fide tenant.*

UPDATE (June 28, 2021):  The federal moratorium on foreclosures and evictions from properties subject to foreclosure is extended for many loans. The Federal Housing Finance Agency (FHFA) announced that Fannie […]

UPDATE #3 (May 29, 2020): For more recent updates, refer to this blog post. UPDATE #2 (April 14, 2020):  The Chief Justice of the North Carolina Supreme Court entered two […]

As I noted in a prior blog post, the US Congress restored the federal Protecting Tenants at Foreclosure Act (PTFA) without expiration on June 23, 2018.   The PTFA has been […]