What is Foreclosure?
A foreclosure property is home or property that a mortgage lender sells to pay off a defaulted mortgage loan. Lenders foreclose on property to satisfy the outstanding balance on a mortgage loan. 

Default Status
Most lenders consider a mortgage or deed of trust loan with payments 90 days or more past due in a default status.

Notice of Default
Once the lender notifies a borrower that his or her loan is in default status, the lender then instructs the attorney or trustee to initiate foreclosure action against the borrower. A foreclosure and notice of lis pendens or a notice of default is filed and recorded in the public records. 

Pre-foreclosure is the period of time between when a lender has notified a borrower that his or her loan is in default status until the property is sold at auction. 

Foreclosure Trustee Sale
The foreclosure trustee sale typically occurs on the steps of the county courthouse in which the property is located. The time and location are designated in the Notice of Sale. At the Trustee Sale, the home is auctioned to the highest bidder who must pay in cash.

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