A foreclosure is a purely real estate oriented term. This usually takes place in case the particular property owner in question cannot make a particular principal or in other terms cannot come up with interest payments on the loan that he or she took at a certain period. This situation usually leads to his or her property being seized and eventually being sold off. There are a few stages of foreclosure and let us now shade some inquisitive light on them. The foreclosure process is not pretty complicated and can be understood by any person with a little knowledge about property dealings and real estate.
There are many stages during which the homeowner in question has the opportunity to bring the desired loan current and eventually avoid foreclosure. In an about three to six months of time and the missed payments through all these months would surely land the lender in trouble. He or she then orders a particular trustee whose job is to record a Notice of Default as abbreviated as NOD and this happens at the County Recorder’s Office. This action puts the respected borrower who’s on notice that he or she is about to face a foreclosure and also starts a particular period of reinstatement that usually runs until a period of five days right before the home is finally auctioned off.
In case the default is not corrected within a period of three months a particular foreclosure sale date is established. The homeowner then receives a Notice of Sale or a NOS. This notice about sale is also being posted on the property. Additionally, the Notice of Sale is duly recorded at the respective County Recorder’s Office in the county at the location of the property. In the final this Notice of Sale or the NOS is also published in several newspapers as well as local papers to the county over a period of three-weeks.