In the state of North Carolina, lenders typically use the non judicial foreclosure method. What this means is that no court action is required to take back your property. They can also use the judicial foreclosure action if they choose to. No matter what they do, there are state laws that mortgage servicers must abide by before they can take your home.
From the date you receive a foreclosure notice notifying you of the lenders intent to foreclose on the property, you typically have from 90-120 days until they may take your home to auction. This time frame can definitely be delayed if you choose to contest the foreclosure or if you pursue some type of loan workout with your mortgage servicer. I have personally witnessed some homeowners stay in their home for well over a year when attempting a loan modification or short sale with their lender.
With that said, from the day you are 30 days late, it can take anywhere from four months to a year plus before you would have to vacate your property. Often, it depends on if you stick your head in the sand or if you are proactive in working with your mortgage servicer. The more proactive you are, then the more likely you'll be able to stay longer in your home.
In the state of North Carolina, your lender can pursue a deficiency judgment against you when your home is sold at auction. Meaning, they can sue you for any monies owed after the home is sold at auction.
If you have any more questions or need help with a loan modification or even walking away, please feel free to join one of America's #1 loan formus with over 30,000 other struggling people. We would be happy to assist you in any way we can. You do not have to go through this process alone.