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
Home Redemption
Get the Best Mortgage Rate for You
Foreclosure Lawsuit
Public Auction
Vacating the House

Content: What Happens in the Foreclosure of a Property? | Home Guides | SF Gate
What Happens in the Foreclosure of a Property? Home Guides
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By Derek Dowell
The process of foreclosure can be an emotional and financial nightmare for those involved, but can't legitimately be claimed to be a surprise. The lender, normally a bank, must go through an exhaustive series of letters and notifications to the homeowner in order to complete the foreclosure process and take back the house. The bank follows four basic steps to foreclose upon a house, beginning with the notice of default and ending with a public auction, if allowed to go that far. Notice of Default
If you've missed mortgage payments, chances are you're very aware of that fact, but the lender will let you know anyway with a Notice of Default. Sometimes called a Notice of Delinquency, this letter takes the form of a seriously worded reminder that payment is due, how far behind you are, and what actions are necessary to bring your account current. It cannot be emphasized enough that this is the time to be proactive. Get in touch with your lender and find out what options you have. Hiding from the bank is not a good idea.