How does a foreclosure works?

[Gohabsgo_IHB]

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?

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

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?

Thanks!

 

[graphrix_IHB]

Roo,

Check out the sticky foreclosure thread 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.