The Difference Between A Notice Of Default And Notice Of Foreclosure?
I have been going to the county recorder to look up preforeclosures. I have been looking homes that have received notices of foreclosure. Should I instead be looking for notices of default? Any insight would be very much appreciated.
Thanks,
Aram
Yes.
The people are in default in regards to their loan.
The process is called foreclosure.
HTH
Brandon
Aram,
It is the same thing. The Notice of Foreclosure files that you are finding are the exact files that you want.
Pull the information from the files and contact the homeowners. Remember, it is a numbers game. Best of Success!
BAMZ
[addsig]
BAMZ,
Thanks for the info.
Aram
Each state may have it's own foreclosure laws and customs. If memory serves, Illinois is a judicial mortgage foreclosure state.
The foreclosure action is initiated by the filing of the Complaint to Foreclose. A summons is issued and served by the Sheriff. A 'lis pendens' and Notice of Foreclosure serves as the record notice to all persons of the pending foreclosure action.
A NOD is an instrument used in other jurisdictions.
The Short Sale Pro is correct as always.
So Aram, the Notice of Foreclosure files that you have located are the same files that you want to gather your intial info from.
BAMZ