What does the sale date mean in foreclosure information?

by oliver on September 30, 2010

Question:

What does the sale date mean in foreclosure information?

Answer:

In a foreclosure process, there are several notices that you should be aware of. The first notice that you will receive is the foreclosure notice which serves as a sign that your house will undergo foreclosure. After receiving this notice, a court hearing will be scheduled. If you want to keep your home, attend the hearing and try to work out an agreement with the bank or lender in order for you to keep your home. If no agreement was made, the request for foreclosure will then be granted. After the grant, a notice of sale will be posted in the local newspaper and a copy of which will also be given to you.

The sale date in the notice gives the actual date of the foreclosure auction or sale wherein the foreclosed home or property will be sold. In this auction, the home is sold to the public and the party who gives the highest bid will get the property. After the auction, the new owners of the house can file an eviction notice so that the previous owners of the house will vacate the area. If you are a previous owner of a foreclosed house, ask a real estate attorney whether or not redemption rights are practiced in your state. This right will allow the homeowner to reacquire the property after the foreclosure sale once he pays all the original debt plus the interest and loan fees.

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