If the lender takes the home at the sale, it is a similar process except it usually takes a little bit longer since they have more than one property usualy that they foreclose on at any given moment. Sometimes, if there is a tenant with a lease, some lenders will honor the lease provided the leasee pays rent for the remainder of their lease contract.
I have been handling real estate auctions specifically for the last 6 years. Depending on which type of auction you are inquiring about will change the answers.
Are you inquiring about the court house (public trustee/foreclosure) auction, a bank owned asset property auction, private seller property auction, DEA/US Marshalls property auction or one of the ever poppong up online auction?
I'd be happy to speak to you further.
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Helping families/people that have lost their homes get back into another in as little as 6 months