Where do I find out about foreclosure listings without registering for Realty Trac?
Hi Deborah, Since I’m not sure of how much you understand about the foreclosure process I’ll start at the beginning of this story… A Notice of Default (NOD) is the first step in the non-judicial foreclosure process (a judicial foreclosure is another option; however, it is rarely exercised by the lender due to the time and cost of its legal process.) A NOD simply means that the homeowner has reached a point of payment delinquency that the Lender feels moving forward with exercising their right to foreclose is prudent. A NOD it does not mean that it is a home for sale, in fact, the owner can “cure” the NOD by making up all the late payments. Typically, the non-judicial (i.e. Trustee) foreclosure process takes about 3 months, 3 weeks and 3 days (starting with the Notice of Default and ending with the Trustee sale/auction on the County Courthouse steps). However, currently, some lenders are taking 9-months to complete a foreclosure due to the sheer volume! If nobody buys the home during
