A foreclosure sale is held at an auction. It is a public auction. The property is auctioned off to the highest bidder. For the foreclosure, you have to attend the sale so you can bid on the property. Remember that during the auction, the highest bidder can win any property. For example, if the property costs $100,000, and you bid $200,000, the lender would lose the total amount of the mortgage, court costs, and attorney fees. Thus, you helped the lender earn another home.
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