§ 45-21.9A. Simultaneous foreclosure of two or more instruments. - North Carolina Statutes

§45‑21.9A.  Simultaneous foreclosure of two or more instruments.

When two or more mortgages ordeeds of trust held by the same person are secured in whole or in part by thesame property, and there are no intervening liens, except for ad valorem taxes,between such mortgages or deeds of trust, the obligations secured by suchmortgages or deeds of trust may be combined and the property sold once tosatisfy the combined obligations if (i) powers of sale are provided in all suchinstruments; (ii) there is no provision in any such instrument which would notpermit such a procedure; (iii) all the terms of all such instruments requiringcompliance by the lender in connection with foreclosure sales are compliedwith; and (iv) all requirements of this Chapter governing power of saleforeclosures are met with respect to all such instruments.  The proceeds of anysale shall be applied as provided in this Chapter.  As between the combinedobligations being foreclosed, proceeds shall be applied in the order of priorityof the instruments securing them, and any deficiencies shall be determinedaccordingly. (1985, c. 515, s. 1; 1993, c. 305, s. 5.)