Understanding How Foreclosures Work
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.
Read more here: http://www.biggerpockets.com/foreclosure-proc...
