This stage is the orignel foreclosure. If at the auction no

 buyer is interested to bidder more than the cut off price

 (opening bid) then the borrower repossesses the ownership.

This stage is called Post foreclosure. simplly these proceedings

 before a Court are long prepared for months together and only

prevalent in certain States of the U.S.

Non-Judicial Foreclosures which embed:

Trustor Defaults

Trustee initiates Foreclosure

Notice of trustee sale is recorded

Sale date is advertised

Foreclosure sale

Trustee conveys deed to buyer

Period of statutory redemption

Possible deficiency judgment

The non judicial form of foreclosure is a rapidly foreclosure

 process and is determined by your

 particular state law.

Theworking of foreclosure is similar here to the judicial

form above, except that the mortgage lender is allowed

to follow non-judicial procedures

 without the need to go to Court.