Foreclosure Sale or Auction

The notice for a foreclosure sale is required to be published in a newspaper two weeks before the sale date. It must remain in the paper for the entire two weeks. The lender must also file a proof of publication or it is possible that the court will not allow the sale to proceed. Sometimes the foreclosure sale can be canceled due to other situations, such as modification, short sale, bankruptcy delay or other options. The sale is typically an auction wherein the property is sold to the highest bidder. Sometimes the bidder is the lender. Sometimes when the property does not sell or otherwise reverts to the lender, it becomes an REO, or real estate owned, property. It then belongs to the lender and can be sold by the lender. The homeowner can file an objection within 10 days of the sale, but after 10 days, the court will confirm the sale and the title will be transferred officially to the buyer.

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