The short answer is - It's different in every state. Look at ForeclosureLaw.org to get details state by state.
A little longer answer is - Understand the basic rules for states that are judicial or non-judicial.
The judicial states will involve the court which means longer cases since the files go infront of a judge (and more expense). Many judicial states have a process that takes at least 120 days. In New York, it can take almost 2 years!!
The non-judicial states do not involve a judge and are run by trustees (lawfirms) so they are less expensive and take about 60 days.
Where I work as a foreclosure auctioneer is in Missouri which is a non-judicial state so the process has a trustee oversee the legal portion and my employer advertises the sale online.
Look online or in the county newspaper for the listing; ads starting a minimum of 21 days prior to sale date. Contact the trustee who is handling the sale to see how they collect funds - most require a cashiers check IN HAND at the sale to be allowed to purchase; some require a letter of credit. Arrive a little prior to sale time and be ready to bid $1 over the "credit bid". Once you win, you will fill out an agreement to wire the remaining funds to the trustee. Many of the regulars have tips about their buying process so never hesitate to go watch a sale.
If you go to an auction, please comment here or on Facebook and let me know about your experience!!
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