People who failed to pay back the mortgage after 90 days will fall into foreclosure. Foreclosure procedure starts when the owner received the notification of the foreclosure. Bank will own the properties from that point onwards and normally, bank will have a bidding session for the public to bid on the properties. Outer Banks foreclosures always have a better option for you if you are looking for a real estate. Most of the time, you can get a best deal on the properties you want.