What happens when the bank forecloses?
Somewhere around the 6th and 7th month the bank announces the sale by auction of your home by informing the public, typically through newspapers and various websites. The usual announcement includes the name of the lending institution, who the borrower(s) is/are, the amount of overdue debt. After a specific period of time, the home is sent to sheriff’s sale and the bidding process begins. Then, either someone purchases the property or it reverts back to the lending institution. Once the property is sold or reverts back to the lender, the eviction process begins.
