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Foreclosure Overview

Foreclosure is the process where a lender seeks possession of the security (home) when a loan has not been paid. While the process is similar in some states, each state does have it’s own process, timeline and procedures. Our goal is to provide our users with as much information as possible regarding the procedures for any state in which they have an interest.

The process typically starts with a lender recording a Notice of Default or a Lis Pendens providing official public notice the process has begun. This stage is usually considered the pre-foreclosure stage where the property owner still has full rights to refinance or convey the property. The next step is the public auction held in a public place in the county where the property is located, or in some cases the auction is held in front of the property being auctioned. Auctions are frequently postponed, but after a successful auction, the property will have a new owner, either the lender auctioning the property, or a third party bidder.

After the auction, if the lender was the high bidder, the property is lender owned, or REO. Real Estate Owned property is then usually repaired to bring it to market standards and listed for sale with a real estate agent.

Some Common Questions & Answers