We Are In the Hottest Foreclosure Market In US History!

A home becomes subject to foreclosure proceedings when a home owner is unable to pay the monthly payments due on their mortgage. In such circumstances, the financing company or lender can issue a notice of foreclosure, which essentially notifies the home owner that they have a certain amount of time to make good their mortgage (including selling the property for that purpose) or the lender will foreclose the home and take possession of the property. Once that happens, the lender’s objective is to sell the property as soon as possible, and will do so via a trustee sale or public auction, depending on the relevant state laws.

The lender is required to list the house in a public notice that lists all the homes to be sold at the auction or trustee sale. Then, at the auction, it’s a matter of bidding the highest acceptable price in order to secure the property.

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