What is the full procedure of a foreclosure?!?
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Answer:
I work for a title company, who handles many foreclosures. But I have never been across a voluntary one. Each state will have its own laws, but some of the basics are: a civil case must be filed in the county courthouse where the land is located, and everyone involved needs to be served, the lender, the trustee, the owner. Then an add must be posted in the newspaper, announcing the foreclosure and reference the deed of trust or mortgage, this add must run for several weeks in a row, just one day every week. In MD it is three weeks straight. Then an auction is held usually outside of the courthouse where the case has been filed. You have up until that very second to get out of the foreclosure. But as soon as someone's bid is accepted with cashiers check, the house becomes theirs and they have to go about getting the house, such as an eviction. There are lots of fees involved with the purchasing of a foreclosure but usually the bank only wants what is owed, so people can make good investments and auctions usually draw a lot of attention. But again, each state will slightly vary. Hope this helps.
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