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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » What is the difference between foreclosure and auction?

What is the difference between foreclosure and auction?

My brother was in jail for a while and he suddenly got notices in the mail about foreclosure and other letters about house up for auction, what is the difference?

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3 Responses to "What is the difference between foreclosure and auction?"

  1. Mike says:
    Foreclosure is when the bank takes your house. You lose ownership. If the bank cannot sell it or does not want to try traditional methods, they can enter it in an auction to be sold. A bank cannot auction a house unless they own it through foreclosure or other means of claiming ownership.
  2. Ed Atun says:
    The auction is the final step in the foreclosure process. The bank sends you notices. Then they set an auction date. Anyone can buy the house at the auction but no one bids because they have to pay cash.

    After the auction is finished, the bank cleans up the house and puts it up for sale. They advertise it as a “foreclosure”.

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