Question:
What happens to a foreclosed building and how fast does it usually happen??
Answer:
Foreclosure is the process by which the lender takes possession of a property. The final step of foreclosure is to have a sheriff's sale. This usually takes place on the steps of the court house. The lender will be there to bid the amount due on the mortgage. In this way there is no change that the lender won't end up with the property. For federally insured mortgages, the process takes about a year. This only applies to mortgage foreclosures, other types of takings (such as a tax lien) have other rules.
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