Title: What Happens When a House Goes Into Foreclosure?
Headings: What Happens When a House Goes Into Foreclosure?
What Happens When a House Goes Into Foreclosure?
What Exactly is a Foreclosure?
Why Do Sellers Go Into Foreclosure
1. Missed Payments
2. Public Notice
3. Pre-Foreclosure
4. Auction
5. Post-Foreclosure
What Happens When a House Goes into Foreclosure
About the author
fritzie

Content: Auction
This is when things start to get very serious for the homeowners and the period in which they are likely to lose their home. Assuming the said default is still not remedied by the given deadline, the lender will set a date for the home to be offered for sale via a foreclosure auction. This is also known as a Trustee Sale. The notice of the sale is posted on the homeowner’s property and is also advertised in the newspaper/online publications. Though, in many states, the homeowner has the right of redemption up to the moment the home will be auctioned off. If the homeowner fails to come up the with the necessary cash to re-purchase the home, the home is sold to the highest cash bidder. 5. Post-Foreclosure
Sometimes foreclosed homes are auctioned for sale but with no success. In this event, if the home remains unpurchased, the lender (usually the bank) will take ownership of the property. The home, then, becomes a bank-owned property.