Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Uncategorized » The Foreclosure Hearing

The Foreclosure Hearing

After the Foreclosure Hearing in which the Clerk of Superior Court approves the sale of the property being foreclosed, the Trustee will hold a Foreclosure Sale at the county courthouse in which the property is located.  At the Foreclosure Sale the Trustee invites offers to buy the property from those in attendance and then accepts the highest bid.  The highest bidder is bound by his offer the moment it is accepted. 

After the Foreclosure Sale, there is a 10 day upset bid period in which another bidder may submit an upset bid that is higher than the reported sale price.  An upset bid must be at least 5% and a minimum of $750.00 higher than the previously reported sale price.  When an upset bid is made, the upset bid period starts over again for an additional 10 days.  This process continues until 10 days elapse without an upset bid, at which point the last bid on the property is accepted and the foreclosure can be completed.

If you are a homeowner going through the foreclosure process, you have the right to stop the foreclosure and save your home up to and until the upset bid period expires by either paying the lender the money owed or working out an alternative to foreclosure with the lender. 

For more information about Charlotte foreclosure and foreclosure alternatives, please visit:  http://zellersrudd.com/areas_of_practice/foreclosure_alternative.aspx

 Prior to founding Zellers Rudd PLLC, Dan Zellers and Scott Rudd worked together in the real estate finance group of some of the top international law firms in the nation. They represented large national banks and servicers in multi-million dollar commercial property transactions as well as multi-billion dollar commercial loan securitizations. These transactions included the negotiation of large servicing contracts as well as conducting large commercial loan transactions, loan assumptions, defeasances, parcel releases, and other consent matters on large commercial properties located all across the nation.

Prior to founding Zellers Rudd PLLC, Dan Zellers and Scott Rudd worked together in the real estate finance group of some of the top international law firms in the nation. They represented large national banks and servicers in multi-million dollar commercial property transactions as well as multi-billion dollar commercial loan securitizations. These transactions included the negotiation of large servicing contracts as well as conducting large commercial loan transactions, loan assumptions, defeasances, parcel releases, and other consent matters on large commercial properties located all across the nation.

RELATED POSTS:

  1. The Foreclosure Sale After the Foreclosure Hearing in which the Clerk of Superior Court approves the sale of the property being foreclosed,...

  2. Foreclosure Laws in California The prospect of a foreclosure can be daunting and painful, it is crucial to be made aware of your state’s...

  3. Mortgage Foreclosure Laws – Deed Transfer Under California home loan property foreclosure laws (Civil Code 2924 h), after the Trustees Sale, the final action in the...

  4. Understanding Foreclosure Laws and How to Protect Yourself Foreclosure laws can vary from state to state but overall they are essentially the same. It is very important for...

  5. Miami Attorney, Foreclosure Defense Avoid Foreclosure,Stopping Foreclosure, short sale. www.miamiattorneygroup.com or call (888) 445-2851. Are you in foreclosure or facing a possible foreclosure proceeding against your home? If...

Written by

Filed under: Uncategorized · Tags: ,

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player