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Foreclosures - Part 2 - The Trustees Sale (Auction)
We have already established that you are going into foreclosure. So what now? What is the process once I realize that I am headed down the foreclosure path?
A Notice of Default has been filed with the County you live in and you will receive a copy by mail. You have approximately three months (in most cases) to come up with all the payments you have not made and any additional fees they have tacked on. Let's face it, if you are already this far down the road, that probably is not going to happen. Unfortunately.
A notice placed in the newspaper for a certain amount of time (usually 3 - 4 weeks). This will include your name, and anyone else who is on the legal deed of the property, the amount owed, the address of the property, date and time of sale, etc. It is public information and will run in the newspaper for your County as a Notice of Trustees Sale. If you did not see it in the newspaper, don't worry, they will send you a copy of the notice in the mail so you will be aware of the sale date.
Buying at the Trustees Sale
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