How does a foreclosure works?

[Gohabsgo_IHB]

<p>I'd like to know what are the steps when a foreclosure happens? You miss 3 payments, you get a letter and have a week to leave? Where do these people go live on such a short notice?</p>

<p>Also, how can someone buy a home going on foreclosure? You go to the auction, bid on the house and that's it?</p>

<p>Thanks for helping me figure this out, as it might be how I end up buying a home down the road. I might go to some auctions to get familiar with'em. Can you send someone representing you?</p>

<p>Thanks!</p>

 

[graphrix_IHB]

<p>Roo,</p>

<p>Check out the <a href="http://forums.irvinehousingblog.com/discussion/346/1/foreclosure-and-distressed-property-topics/">sticky foreclosure thread</a> at the top. In there you should find the answers to all your questions. If you still have more or are not clear on something you can ask away.</p>