Title: What Happens After Foreclosure & the Property Is Sold? | Home Guides | SF Gate
Headings: What Happens After Foreclosure & the Property Is Sold?
What Happens After Foreclosure & the Property Is Sold?
Voluntary Vacancy
Eviction
Get the Best Mortgage Rate for You
Right of Redemption
Foreclosure Implications

Content: What Happens After Foreclosure & the Property Is Sold? | Home Guides | SF Gate
What Happens After Foreclosure & the Property Is Sold? Home Guides
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Home Finance
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Renting and Tenant Rights
By Leigh Thompson
Falling behind on your mortgage payments results in the lender taking action against you. When you fall several months behind, the lender initiates action to foreclose on the property. Foreclosure is the legal process of taking possession of the property to sell at auction. Once the property sells at auction, you are no longer in foreclosure. After foreclosure, you must find a new place to live and start rebuilding your financial life. Voluntary Vacancy
You may voluntarily vacate the property after the foreclosure auction. Voluntarily leaving the property eliminates the need for the new owner to file an eviction lawsuit to remove you. Having a foreclosure on your record may hinder your ability to get a new apartment or rental lease.