The bank will notify you of the foreclosure and advise you to vacate within 3 days. If you refuse to leave, they will initiated an unlawful detainer action which should take about 45 days to wind its way through the court system. The sherriff will then arrive at your door and lock you out of the house.
The best course of action for you is to simply leave the property. It may be possible to receive some compensation from the bank for relocation expenses, this is generally referred to as "cash for keys", you can ask the bank if they offer this. It is not a good idea to force the bank to do an unlawful detainer action, this will show on your credit report for many years and make it very difficult to rent another property. I am very sorry for your current troubles, I hope things get bettter for you very soon.
Revert to beneficiary just means that the property went back to the bank. This occurs when nobody bids at the sale or the property did not sell for full value/value set by bank. It is just a matter of time before you receive a notice to leave. There are ways for you to receive money from the bank to help you with your moving expenses and finding a new home. Please feel free to email me and we can setup a meeting to talk about your optionsâ€™.
Keller Williams Realty South Bay