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
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Foreclosure Lawsuit
Public Auction
Vacating the House

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Foreclosure Lawsuit
If you receive a Notice of Acceleration, that means a lawsuit has been filed and will commence after the 30-day waiting period. While the legal system grinds through the process, you still have the option of selling the house on your own for whatever you can get. However, a drop dead date will soon loom on the horizon. Once the court allows the lawsuit to proceed, the bank will set the time and date for a sale of your property. At this point, it is committed to the foreclosure and will no longer consider alternate payment arrangements. Public Auction
A public auction means exactly what it says. At the prescribed date and time, your house will be put up for bid on the courthouse steps.