Foreclosure Clock (continues...)

This is the point in the timeline for foreclosure at which you are most likely to be forcibly evicted from your home. The Sheriff’s deputies will make sure that you have some time to get everything out of your house, even if there’s nowhere for you to take it but to the curb. Anything you leave behind becomes property of the new owners. This sale must happen between the hours of 9am and 5pm on a non-holiday weekday, which must be the advertised time that was posted 20 day prior.

At the Trustee's Sale, the foreclosed house is usually sold for the amount still remaining on the loan in foreclosure, plus all back payments, penalties, interest and fees.  This represents the minimum bid or opening bid amount. To buy this property, all investors need to do is bid more than the opening bid or any other investor to get the deed to your property, free & clear. They can then do anything they like to your home, it is by law theirs in every way, and you will have no right of redemption.

Exceptional note:

There is a circumstance in which the foreclosure process can take much longer than this 120 day time period. If the property being foreclosed on is a HUD home, meaning the original loan was a FHA or VA loan, or any other government assistance home loan, the initial loan process and late payment period may be up to another 60 to 120 days until any action is taken on the lender’s part, and final sale takes place.