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What happens after foreclosure?

If  we are foreclosed upon, do we have to immediately vacate the property?” 

 
The answer to that question isn’t as straightforward as one may think.
Generally, there are two different paths to remove the former homeowner after being foreclosed upon: (1) formal eviction process, and (2) informal negotiations between former homeowner and new owner (usually the lender bank or the highest bidder at the foreclosure sale). The first option of formal eviction can be costly and requires additional involvement of the justice system.
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