Foreclosure occurs when the owners of a property default on the mortgage and the property is seized by the lender. The major causes of foreclosure tend to be divorce, death, or illness. Once the property has been seized, it is then usually sold at auction in order to recoup losses. Auction of the property usually occurs in a courtroom, on the courthouse steps, or at the property itself. If there are no bidders on the property, then the financer of the mortgage usually finances the buyout of the property and acquires the title to the real estate. Bidders should note that when acquiring the property, whether they are subject to any other unpaid debts that exist against the property.
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