A foreclosure is a method of enforcing payment of a debt secured by a mortgage, deed of trust, or lien on real property by selling the real property and applying the proceeds of the sale to satisfy the debt. The property is then sold as part of a publicly noticed sale by the sheriff. One such example of this is found in North Carolina General Statute 53-268. Under state law, it is up to each bidder to carefully check out the title and status of the property being sold before placing either a public sale bid or an upset bid. More defined information on this style of foreclosure can be found by reviewing the general statue (G.S.§ 105-374) Helpful Information Regarding Tax Foreclosures Notice of Sale. Legal Aid of North Carolina is a statewide nonprofit organization that may be able to assist some homeowners in their foreclosure cases. Search through all foreclosures in North Carolina. For more details, see our Surplus Property Page, North Carolina State Bar Certified Specialist in Real Property Law, Link to Sale Page for tax and lien foreclosure sales being handled by Reinhardt Law Offices, It is the duty of each owner of property to keep the Tax Office notified of address changes and to know that taxes are payable each year, regardless of whether a billing was received, How do people find out about upcoming tax, city lien or assessment foreclosure sales, What happens to property which is deeded to the County or City of Durham, Link to Tax and Lien Foreclosure Website of Commissioner R. Douglas Davis, Link to City and County of Durham Surplus Properties Pages. General Information about the Tax Collection Foreclosure Process. Our efforts, along with those of the other attorneys retained by the County of Durham, have caused a noticeable increase in the successful tax collection rate of the Durham Tax Office and the City of Durham Collector of Revenue. Representing municipal and county governments tasked with managing the sale of foreclosed homes due to delinquent taxes is one of the main focuses of our firm. A tax foreclosure can begin at any … A borrower (debtor) signs a promissory note when a lender (creditor) loans money. The bank must file a lawsuit against the homeowner having trouble making his house payment before a sale date for the home can be set. This new book on the in rem process offers insightful legal analysis, practical tips, and digital forms easily modified for the needs of local tax collectors. 45-21.12(A), a statute which provides protections in certain circumstances to specified military borrowers. Once scheduled, the foreclosure sale date can later be postponed or canceled by the lender. Before we make a plunge… Understanding the Foreclosure Process in North Carolina What is foreclosure at any rate? The “minimum bid” will have been advertised both at the Tax Office, the Tax Office website, the Commissioner’s website, and, for sales handled by our office, our website (see links to all at top of this page). In the case of the first upset bid, the attorney handling the tax foreclosure sale would notify the public sale bidder of the upset bid, and make arrangements to return the 10% deposit to the original bidder. The property tax in North Carolina is a locally assessed tax, collected by the counties. Although the county or municipal government will try to gain as much as they can from the sale of the property, most tax foreclosure sales sell at a lower price point than market value. If these pre-foreclosure methods still fail, the Tax Office may assign parcels to private attorneys to commence foreclosure proceedings. Other loss mitigation processes as early as possible to ensure that the relatively quick power of sale foreclosure are by... 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