Title: What Happens When Your House Is In Foreclosure? | Home Guides | SF Gate
Headings: What Happens When Your House Is In Foreclosure?
What Happens When Your House Is In Foreclosure?
History
Notice of Default
Get the Best Mortgage Rate for You
Trustee
Retention
Trustee's Sale
Eviction

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Trustee
When the lender initiates foreclosure, the lender will name a trustee to carry out the foreclosure process. The notice of default sent to you by the lender will identify the name, address and telephone number of the trustee. If you have questions or concerns about the foreclosure process, you should contact the trustee to have those questions answered. Most trustees are attorneys, title companies or departments of a bank or mortgage company. Retention
When the lender sends you a notice of default, this triggers a 90-day waiting term during which you have the right to redeem your mortgage. Redeeming your mortgage mean that you pay the full amount that you owe to date on the mortgage, which includes principal, interest, late fees and lender costs incurred so far in the foreclosure process. Trustee's Sale
After 90 days expire, the trustee can hold a trustee's sale where the trustee will sell your house to the highest bidder in a public auction. The lender must publish in a local newspaper a notice of the sale, which notice must include the date, time and location of the public auction. The lender also must also send a copy of the notice of sale to you at least 20 days before the sale. The lender will then hold the sale and deed the property to the highest bidder at the public auction.