1/13/2024 0 Comments Template notice of defaultA foreclosure by civil action is filed in either district or superior court depending on the value of the real property subject to foreclosure. What is a foreclosure by civil action?Ī foreclosure by civil action differs from a power of sale foreclosure. A clerk of superior court may only hear and decide certain factual and legal issues in a power of sale foreclosure proceeding. A clerk of superior court in the county where the real property is located has authority to authorize or deny a power of sale foreclosure. A power of sale foreclosure may not proceed unless authorized by a court after a hearing. The procedure for power of sale foreclosure is contained in Article 2A in Chapter 45 of the North Carolina General Statutes. What is a power of sale foreclosure?Ī power of sale foreclosure is a contractual right under the terms of a deed of trust which gives the trustee the power to sell the real property on behalf of the lender if the borrower defaults. As a result of the foreclosure, the property owner loses all rights in the property. 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.
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