Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

3 Types of Foreclosures

3 TYPES OF FORECLOSURES
SHORT PAYS OR PRE-FORECLOSURES After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD) at the County Recorder's Office as required by real estate foreclosure laws. This puts the borrower on notice that he or she is facing the real estate foreclosure process. TRUSTEE FORECLOSURE ACTION (TRUSTEE SALE) If the default isn't corrected (the loan must be brought current) within three months, a real estate foreclosures for sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder's Office as a real estate foreclosure in the county where the property is located. The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale and listed in real estate property foreclosures. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and ... more

__________________________________________________
Are you on The Rain? Grow Your Network!