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Foreclosure Process Steps
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Foreclosure Auction
A public auction where the property is sold to the highest bidder to recover the amount owed by the borrower.
Eviction
The legal process by which a tenant or former homeowner is forced to leave the foreclosed property.
Redemption Period
A grace period following foreclosure during which the original homeowner can buy back the property.
Reinstatement
The process by which a homeowner may stop foreclosure by paying off the due amount before a specific deadline.
Loan Modification
The borrower may negotiate with the lender to modify the terms of the loan to avoid foreclosure.
Public Notice
After a set period, the lender may issue a public notice starting the official foreclosure process.
Missed Payments
Missing mortgage payments may trigger the foreclosure process, leading to potential loss of property.
Bank-owned Property
If the property is not sold at auction, it becomes the property of the lending institution.
Pre-Foreclosure
The period where a borrower can still rectify the default to avoid losing the property.
Deficiency Judgment
A court order that holds the borrower liable for the difference between the loan balance and the foreclosure sale price.
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