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: 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. 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.