Title: What Happens in the Foreclosure of a Property? | Home Guides | SF Gate
Headings: What Happens in the Foreclosure of a Property?
What Happens in the Foreclosure of a Property?
Notice of Default
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Foreclosure Lawsuit
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Vacating the House

Content: The lender will set a floor amount below which it will not accept an offer. Don't expect the sale to slide by unnoticed. The event will be published in local papers, posted at the county courthouse and covered by several websites. Investors often swarm on the opportunity to pick up a house at below market price. And the bank is ready to cut its losses. Vacating the House
Whether the house is purchased at auction or the minimum bid is not met and it reverts to the bank's real estate owned (REO) department, don't assume you will be allowed to continue living there. You will be notified how long you have to vacate the house. Should you refuse, the eviction process begins and, eventually, the local sheriff will arrive to escort you to the curb. Foreclosure is then complete. ‒‒:‒‒
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