What are the steps in the foreclosure process?
A.: 1. Lis pendens: Notice to all associated parties of the beginning of a legal action. This notice must be recorded at the Office of the Clerk of Civil Court. 2. Final judgment and sale date: A court hearing is held to set a sale date and settlement amount for the courthouse auction of the property. 3. Publication: Your name, property address, amount owed, and sale date are published in the newspaper for 3 consecutive weeks prior to sale. 4. Courthouse auction: The property is auctioned at the courthouse to the general public. *Deficiency judgment: If the lender does NOT recover their entire investment, they may still sue the borrower for the balance due even after the foreclosure.
