Foreclosure is a legal process in which a lender seeks to recover the amount owed on a defaulted loan by taking ownership of and selling the property that was used as collateral for the loan. When a borrower fails to make a certain number of payments or breaches other terms of the mortgage agreement, the loan is considered in default. The foreclosure process varies across different states, making it complex for those who haven’t encountered it before.

A foreclosure sale is a public auction where interested buyers can bid on foreclosed properties. These sales typically occur at the county level and happen regularly. The specific frequency varies by location, but they commonly take place monthly or even weekly. Foreclosure sales are usually held at the county sheriff’s office or courthouse. In some cases, the homeowner may have the opportunity to redeem the property by paying the outstanding taxes, interest, penalties, or mortgage balance, even after the sale has taken place.

We can help you understand your options and potentially regain your rights to the property. If you find yourself facing foreclosure, reaching out to 108 Properties and we can provide you with valuable assistance.