The house I am renting was up for auction today and it looks as if it was sold to the HOA. I followed the auction online, so I seen when it was sold and it says it was sold to the plaintiff, I know from letters we have been getting the plaintiff is the HOA, because the owners have not been paying the HOA dues for several years (since 2009). The problem is the landlord all of the sudden called me yesterday and said that we needed to be out by this weekend, and they needed their house keys back. We were originally supposed to move on the 6th of April (this Saturday) but the new place is now not going to be ready til the 15th of April. The landlord says that if we need to stay we have to pay him the rent, but I think the rent would go to the new owners. I am not sure how all this works.
It's possible to get good deals on property at real estate auctions, but you may need a lot of cash, and there can be risks, such as poor conditions and liens.
If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.