Foreclosures Book

POINTS TO REMEMBER:

; ; If you are in default of your mortgage, your lender —or the lender’s trustee — will schedule your house to be sold to the highest bidder at a public auction. ; ; If a third-party bidder does not purchase the property, its ownership reverts to the bank or other lending institution, who will most likely attempt to sell it in a liquidation auction or by other means. ; ; You will ultimately be required to vacate the house. If you persist in staying there, you and your possessions will be forcibly removed. ; ; Following the foreclosure auction, you might be held responsible for a deficiency judgment, which requires you to pay the difference if the sale does not cover your mortgage balance.