Title: The Foreclosure Process in 4 Simple Steps
Headings: The Foreclosure Process Explained in 4 Simple Steps
The Foreclosure Process Explained in 4 Simple Steps
Foreclosure process step 1: Default
Foreclosure process step 2: Notice of default
Foreclosure process step 3: Notice of sale
Foreclosure process step 4: Auction
What happens if a foreclosed home doesn’t sell?
Ok, so how do I get my dream home?

Content: This helps get the word out to potential buyers, but even at this late date, the option to reinstate your mortgage is still possible up until five days before the sale, so long as you can come up with the money. Foreclosure process step 4: Auction
The home will be sold at a public auction to the highest bidder, who will have to pay the full amount of the bid immediately. This buyer will receive a trustee’s deed once the sale is complete, at which point he becomes the official owner. From there, the home’s new owner must serve any remaining occupant of the home with a three-day written notice to “quit” (move out). “If the occupant does not move out in the three days, the bidder must go through the formal eviction process in court in order to get possession of the home,” Zuetel notes. What happens if a foreclosed home doesn’t sell? If a house isn’t sold at auction, the property becomes what’s known as an REO, or real estate owned property . But don’t assume this is a free pass to stay in the home. “If the bank owns the foreclosure, more often than not, they will arrive at the property shortly after the foreclosure date and kick you out,” Blake warns. “