North Carolina Foreclosure Laws

Non judicial foreclosure is possible with a power of sale clause in the deed of trust.

Judicial foreclosure is less common but still available to a lender.

Deficiency: The lender can be granted a deficiency on other than purchase money properties. Again, market value, not the sale purchase price must be considered when determining a deficiency judgment.

Redemption: No redemption is allowed under the non judicial procedure

Oddities of the state: When a property is sold at a foreclosure sale, it is not final. For a period of ten days the price may be overbid; 10% of the first $1,000, 5% for anything over $1,000.