Blue Shirted Man Reading BillA 10 day upset bid period in foreclosure in North Carolina, or sometimes called the redemption period or bid,  is the opportunity for someone to bid on the sale of a house after a foreclosure sale date. Under North Carolina law, a person or company has the ability to bid at a higher price than the price in which the house was sold at the actual foreclosure sale. The upset bid must be made within  10 calendar days of the actual foreclosure sale date. The new bid must be at least 5% or $750 higher than the original bid at the foreclosure sale. See NCGS 45-21.27.  Once a new bid by certified funds or a surety bond has been received at the Clerk of  the Court’s office, it starts a new 10 day upset bid. In theory, there can be numerous successive bids for the house. Once the new 10 day upset bid period has expired, the foreclosure sale is fixed and final.

The good news about the 10 day upset bid period  is that it allows a person to file a chapter 13 bankruptcy and stop the foreclosure sale from completing during this 10 day time period.  In other words, you can still file a chapter 13 bankruptcy after the foreclosure sale date and save the home if it is within the 10 day upset bid period. However, the bankruptcy must be FILED before the expiration of the 10 day upset bid period.