What is a foreclosure sale?
A foreclosure sale typically takes place once the lender or mortgage holder of a property files the appropriate paperwork to take possession of a property after the original buyer defaults on the loan. The typical steps leading up to a foreclosure sale include: • Homeowner falls behind or stops making mortgage payments. Notification of late payment is sent by the lender with specific requirements regarding how much is owed and a deadline for accepting payments. Late charges and other fees are common. If the homeowner fails to make appropriate payments or arrange other alternatives, the lender files a notification of default with the Clerk of Court in the proper jurisdiction. Termination of the original mortgage contract is issued by a court at the request of the mortgage holder once the state or federal limits have been passed and/or the agreed upon extension has taken place. • Eviction. The existing homeowners or tenants are notified of upcoming eviction well in advance of the final t
