Should I Short Sale My Home?

summary judgment. After summary judgment is granted, the court usually appoints a referee who will determine the amount owed and recommend how the property should be sold.

Once the referee has issued the report, the court confirms the report and a judgment directing the sale of the property will be entered.

Notice of Sale The foreclosure sale is advertised in a county newspaper for (4) four weeks. The sale is made by public auction to the highest bidder. The lender has the option of bidding. The lender must distribute the proceeds according to the terms of the judgment signed by the judge.

Deficiency Judgment If proceeds from the sale do not produce sufficient funds, the lender has the right to issue a deficiency judgment against the borrower. The motion for a deficiency judgment must be within 90 days after the foreclosure auction or the lender loses this right.

Redemption Rights There is no redemption period for the borrower *Courtesy of New York State Statutes North Carolina* North Carolina is a Non-Judicial State Right to Foreclose or Sell under Power.

All sales of real property, under a power of sale contained in any mortgage or deed of trust to 172