What is an upset bid?
North Carolina foreclosure law requires that all foreclosure sales be exposed to a ten (10) day upset bid period whereby the highest bid can be “upset” by entering a new bid at least five percent (5%) higher than the previous highest bid. A new upset period begins after each successive higher bid is entered. In such events, the creditor’s interest on the obligation continues to accrue at the applicable default rate until the end of the upset bid period.
