If you still live there
The bank now owns the house but it still has to follow your state's process to remove anyone living there, which usually means written notice and a court case. Generally only a sheriff or court officer can carry out a removal.
Banks often offer cash for keys: money to leave by a set date and leave the house clean. Get any offer in writing with the amount, the move out date and when you will be paid.
If you rent the house
A bona fide tenant can generally stay at least 90 days after written notice, and usually through the end of a genuine lease, under the federal Protecting Tenants at Foreclosure Act. Keep paying rent, and ask the bank in writing where to send it.
Money: surplus and shortfall
When the lender takes the house with its own bid, there is usually no surplus. Whether the bank can still come after you for the difference between the debt and the house value depends on your state. Some states bar it on a home, some cap it at fair market value, and some allow it with a deadline to sue.
Buying a bank-owned home
Lenders sell REO homes through real estate agents, often as is. Homes owned by HUD after an FHA foreclosure are listed on the HUD Home Store. Insured properties have an exclusive bidding period, 30 days under HUD's 2022 policy, for owner-occupants, governments and approved nonprofits before investors can bid. Check the listing for the deadline.