What happens during foreclosure?

Question

Just a brief overview please about garnishment of wages, bankruptcy, ect..

Answer 1

After missing payments/ going defualt on a mortgage the Foreclosure process begines.

The first thing the bank will do is send you a notice of trustee sale. The notice will have the date of the sale. Usally this date is about 2-3 months away.. But within this time you can negotiate with the lender, refi or sell the home because you are still the owner.

However is all fails, your home will be sold at public auction for considerably less than what you paid for it. About 1-2 months later the new owner or new will bank will begin the eviction process. They will p;pace "Notice to Vacate" signs on your door. Basically you will be given a court date, and the judge will try to mediate a move out date for you. If you do not show up to court, the new owner will win the case and the eviction will be approved. Eventually the sheriff will knock at your door and (forcebly if needed) remove you from the premisis.