In This Issue:
- Another Perspective
- From The Editor
- Did You Miss It?
- And the Bidding Starts At . . .? The Impact of Two Recent Bankruptcy Decisions On Determining Foreclosure Sale Bids
- Don't Bite the Hand That Feeds You
- Excerpt from And the Bidding Starts At . . .? The Impact of Two Recent Bankruptcy Decisions On Determining Foreclosure Sale Bids:
In today’s economy, banks all too commonly find themselves foreclosing on real property collateral. As a result, banks are regularly in the position of having to determine the starting bid in foreclosure proceedings. This determination can be complicated by North Carolina General Statute § 45-21.36, which enables borrowers to defend or offset subsequent deficiency judgments by showing “that the property sold was fairly worth the amount of the debt secured by it at the time and place of sale or that the amount bid was substantially less than its true value . . .” (emphasis added).
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