State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-268

§53‑268.  Time for initiation of foreclosure.

When a borrower's obligationto repay the reverse mortgage loan is triggered under G.S. 53‑267, inaddition to all rights conferred upon owners and borrowers under Chapter 45 ofthe General Statutes, the lender must give the borrower not less than 90 days'notice of its intent to initiate foreclosure proceedings.  If the contract soprovides, interest will continue to accrue during the 90‑day period. (1991,c. 546, s. 1; 1995, c. 115, s. 1.)