A foreclosure sale is a public auction where anyone can bid to purchase your house.

First, the judge needs to approve the sale. It is almost always approved. - If approved, you will likely be evicted in 30-60 days. - Your credit will drop 100-160+ points for about 7 years. - For 7 years, you can't qualify for most mortgages. - For 7 years, you can't qualify for most car loans. - For 7 years, you can't qualify for most apartment rentals. - For 7 years, you can't even qualify for some jobs. - For 7 years, you will likely get calls from bill collectors.

Yes, though it is extremely uncommon. - To get your home back, you need your Redemption Rights. - Usually, you get 30-60 days to buy your home back. - You'd need to pay the auction amount plus fees in full, all at once. REMEMBER: Redemption rights can be sold to whoever you want. REDEMPTION RIGHTS ALSO INCLUDE THE ABILITY TO COLLECT SURPLUS FUNDS

If your house sells at auction for more than you owe: YOU CAN COLLECT THAT EXTRA MONEY USING YOUR REDEMPTION RIGHTS - REMEMBER: whoever owns the Redemption Rights, ALSO owns the Surplus Funds. For example: - You owed a total of $100,000 - Your home sold at auction for $105,000 - You are entitled to that extra $5,000 - To collect the extra money (Surplus Funds), a court procedure needs to be followed.