Homes are foreclosed through a trustee sale.  A trustee sale is executed through a public auction usually held in front of city hall or the county court.  At the public auction, the minimum bid is set by the bank that holds the loan.  Anyone able to pay in cash can bid on the property being foreclosed.  If no one makes a bid, the property goes back to the lender.

20 days before the trustee sale you should receive a ‘Notice of Trustee Sale.'  This will tell you where and when the trustee sale is scheduled to happen.  By attending the trustee sale:

1.    You can find out if trustee sale is executed or postponed
2.    You can find out who the new owner of your home is
3.    You can tell the new owner that you are a tenant at the property and expect to have your rights honored