what happens when the foreclosure date comes?

[Carolina Mejia]

Hello- i was looking through for foreclosure notices on my county newspaper and found an old neighbor that was listed- i contacted him and turns out his mother passed away two years ago (they were both on the loan). I offered seller financing and to pay what he owed but he said that he wanted to sell outright but honestly hadn't decided to sell or rent. He said that nothing will happen on the foreclosure date (2/7/2023) and that he was working on changing the loan but was trying to figure out how to get his mom off the loan so he could sell/refinance. SO my question is what happens on the date of foreclosure? wouldn't he lose the house- if someone buys it they will evict or the bank will evict if they can't sell? (its vacant). i think he may be in denial or ignorant that he will lose the property. He is waiting to fix/reformulate the loan but if the probate process hasn't been done - there wouldn't be any options fast enough before the 2/7 date? please advise

[Chris Seveney]

@Carolina Mejia

Depends on state. Some states have redemption periods.

He also could file bankruptcy which postpones the sale.

If it does go to sale, then yes the house is sold.