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: “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. “ They might offer the previous homeowners ‘cash for keys’ or relocation assistance, where the bank offers a certain amount of money to the previous homeowners to vacate the premise.” While you can’t count on this money, it can’t hurt to ask in case this sum helps you move out, and on with your life. default delinquent mortgages foreclosure getting out of foreclosure mortgages pre-foreclosure REO property short sale
Jeanne Sager has strung words together for the New York Times, Vice, and more. She writes and photographs people from her home in upstate New York. Follow @JeanneSager
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