If you are in a non-judicial foreclosure state…

The lender sends a Notice of Default or files a foreclosure lawsuit.

Next, the Notice of Default or lawsuit is recorded in your county courthouse.

You then enter a reinstatement period.

If you do not pay your debt or negotiate a plan, a Notice of Trustee Sale will be recorded and sent to you.

If you are in a judicial foreclosure state…

A lawsuit or lis pendens is filed against you.

You have 20 days to formally reply.  FIND AN ATTORNEY TO REPRESENT YOU IMMEDIATELY.

If you do not reply, the court will rule against you.

The court will either order foreclosure or dismiss the case.

If the court rules against you and orders foreclosure, the county sheriff or relevant party will schedule a public foreclosure auction.

The auction will be advertised.

The highest bidder will win your property or the lender will hold onto the property if an acceptable bid is not made.

If the lender accepts a bid lower than the amount owed, the court may award the lender a deficiency judgment.

Your state may allow you to exercise statutory redemption rights.

If there is a statutory redemption period, the certificate of title or sheriff’s deed is given to the highest bidder when the period expires.

If there is not a statutory redemption period, the highest bidder gets your property immediately after the sale or auction.