Since you have kept your home as a collateral while taking mortgage loan, the lender has the right to have possession over your home, if you are not able to pay back your loan on time. The lender will file a legal case against you and send you a pre-foreclosure notice as per the state rules. Lenders publicly auction the property to mitigate their loss. The public auction will only take place when the lender wins the lawsuit and the court gives the orders to do the same.
How Your Home Home Gets into Auction?
There are two ways that can cause the situation of the auction of your property:
In Case of Property Tax Default
When the owner fails to pay the property tax assessed, the property ends up being auctioned. In such cases, the tax authorities seize the property in default. The process of auction is then carried out by legal bodies only. The auction is conducted by a county or a local tax authority, a sheriff, or a clerk.
In Case of Foreclosure
When a homeowner fails to pay the loan amount for a specific period of time, the homeowner becomes a defaulter. The property he owns falls in foreclosure. The bank takes legal action and files a notice of default, which is recorded at the county level. Even after all this procedure the homeowner is not capable of paying the balance amount or deal with the lender, the property is put up for auction. This auction is held by the bank-hired trustees. The auction is open for all to participate.
Can Foreclosure Auction be Stopped?
According to the law you can stop a foreclosure auction in many ways. You can even consult a foreclosure defense attorney to know how to stop a foreclosure auction immediately. The foreclosure defense attorney can suggest you best ways to stop foreclosure and keep your home.
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