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What is the difference between a Foreclosure and a sheriffs sale?

April 26, 2017foreclosure sale Sheriff

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What is the difference between a Foreclosure and a sheriffs sale?

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Foreclosure is the entire process by which a mortgage holder takes back the property pledged as collateral on the loan. The Sheriffs Sale is held to sell the foreclosed property for the highest price possible in order to satisfy the amount owed on the mortgage. The foreclosure process is not complete until the Sheriffs Sale and the Sheriffs Deed conveys the property to the winning bidder.

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A. Foreclosure auctions will be held by a mortgage holder after a default. A sheriffs sale would be held by a lien holder or attaching creditor after default.