Form AOC-SP-403 Notice of Upset Bid Notice to Trustee or Mortgagee - North Carolina

What Is Form AOC-SP-403?

This is a legal form that was released by the North Carolina Superior Court - a government authority operating within North Carolina. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form AOC-SP-403?A: Form AOC-SP-403 is a Notice of Upset Bid Notice to Trustee or Mortgagee in North Carolina.

Q: Who should use Form AOC-SP-403?A: This form should be used by individuals or entities who want to submit an upset bid on a property in North Carolina.

Q: What is an upset bid?A: An upset bid is a higher bid made after the initial bid at a foreclosure sale.

Q: Who receives the Notice of Upset Bid?A: The Notice of Upset Bid is sent to the trustee or mortgagee of the property.

Q: What information should be included in the Notice of Upset Bid?A: The Notice of Upset Bid should include the upset bid amount, the date of the foreclosure sale, the property description, and the contact information of the upset bidder.

Q: What happens after the Notice of Upset Bid is submitted?A: After the Notice of Upset Bid is submitted, a new bidding period is opened, allowing other interested parties to submit higher bids.

Q: Can the upset bid process result in the sale of the property?A: Yes, if no higher bids are received during the new bidding period, the upset bidder may acquire the property.

Q: Are there any specific deadlines for submitting an upset bid?A: Yes, the upset bid must be submitted before the expiration of the ten-day upset bid period from the date of the foreclosure sale.