Legal Question in Real Estate Law in North Carolina

North Carolina Real Estate

I'm looking for advice on real estate law, specifically in Mecklenburg County as it applies to foreclosures. Here's my issue.

I know that bidding on a 1st mortgage negates the buyer's exposure to any junior mortgages. Per my understanding, a first is decided by the first file date with the county clerk for the deed of trust (not the filing of the foreclosure notice), however, if the first is refinanced or modified after the filing of a junior mortgage, does the refinance or modification displace it from first to junior? Also, is there any wording in a lending document of a junior mortgage that can displace a first mortgage? I've recently relocated from California to San Diego and considering a bid on a foreclosure (or several) and/or a non-foreclosed property. I do understand that a bid on a foreclosed property does not negate any civil judgments, tax liens, or mechanics liens. If you could direct me to the appropriate place to find the answer to these questions, I would be most appreciative.


Asked on 4/30/07, 2:39 pm

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Re: North Carolina Real Estate

I would strongly suggest hiring an attorney to conduct a title search so that you know what you are getting before you make any bids.

I will also say that generally the bank will buy the property back and you might be better off negotiating with the bank after they have purchased the property. The bank may be willin to let the property go for less than they bid.

- Jeff

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Answered on 4/30/07, 3:50 pm


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