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Foreclosures - How Do They Work

 The first step to working through a possible foreclosure is to understand what a foreclosure means. When someone buys a property, they typically do not have enough money to pay for the purchase outright. ... When this happens, the lender that provided the loan to the borrower will move to take back the property. 

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What happens in a foreclosure?

 If the homeowner continues to default on the loan, the lender will foreclose on the house. ... A foreclosure sale / auction is typically the next thing that happens during the process. The lender wants to get the home off their hands as quickly as possible, so they'll usually price it to sell quickly. 

How long do you have to get out of your house after foreclosure?

 Eviction Lawsuits After Foreclosure. When you get a notice demanding that you leave the property, the notice will tell you how long you have before you need to move out. Generally, you'll get between three and 30 days

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