North Carolina General Statutes 53-268. Time for initiation of foreclosure
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Terms Used In North Carolina General Statutes 53-268
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
When a borrower’s obligation to repay the reverse mortgage loan is triggered under N.C. Gen. Stat. § 53-267, in addition to all rights conferred upon owners and borrowers under Chapter 45 of the N.C. Gen. Stat., the lender must give the borrower not less than 90 days’ notice of its intent to initiate foreclosure proceedings. If the contract so provides, interest will continue to accrue during the 90-day period. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)