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Pre-Foreclosure - Notice of Default

A pre-foreclosure occurs when a property owner has defaulted on their loan payments. The foreclosure process is usually initiated by the property owner's lender in the form of an official "Notice of Default" document to the property owner. However, the property will still belong to the owner as long as the pre-foreclosure period lasts (which will depend on the foreclosure process's type and applicable legal documents signed at the time of property purchase).

Short sale or loan modifications provide the need for property inspections and valuations.  It is very important at this stage of loan default that you have accurtate information about the property, its condition and its value. 

 IFS provides accurate and timely inspections and valuations with detailed repair estimations.  We will obtain repair bids on request.

Give us a chance to show you what our REO team can do, and we're certain that we will be your REO Broker of Choice.

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Pre Foreclosure Process

There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.

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. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.

If the default isn't corrected (the loan must be brought current) within three months, a foreclosure 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 in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.

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. 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 the remainder within 24 hours. The winner of the auction will then receive the trustee's deed to the property.

 

 

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