If you are a creditor, whether a bank, seller-financing, or other with a deed of trust on property AND you have a borrower/debtor who is behind on payments, then the time is now to begin the foreclosure on the property securing the note.
At Hendrick Bryant Nerhood Sanders & Otis, LLP, our attorneys have handled numerous foreclosures for clients, including transactions that involve UCC asset sales.
Foreclosures begin with a Notice of Default letter giving the borrower time to cure.
After the curing period runs, then the court matter, a special proceeding before the clerk, commence. The foreclosure documents are filed.
The foreclosure petition is served on the debtor and guarantors.
A foreclosure hearing is held before the clerk. When approved a sale date is scheduled, Notice of Sale is posted at the court house and published in a local paper where the real property is located.
The sale date occurs per the Notice of Sale. The highest bid on the sale date is filed. There is a 10 day upset period where higher bids can be filed with the clerk. Each time there is an upset bid, a new 10 day period commences. At the end of the final upset bid period, the highest bidder needs to be ready to pay the sales price. Usually this is the lender.
The trustee handling the foreclosure will collect the sales proceeds, execute a Trustee's Deed to the purchaser, then file a Notice of Foreclosure in the Register of Deeds and a Report of Sale with the Clerk.
If you are a creditor and the borrower is in default, call the foreclosure attorneys at Hendrick Bryant Nerhood Sanders & Otis LLP at 336-723-7200 to handle your foreclosure matter.