Excellent map showing what Orange County ZIP codes are experiencing the greatest increase in Notice Of Default (NOD) filings. (NOD filings are the first stage in the foreclosure process and precede Notice Of Sale (NOS) filings.
The typical timeline of a foreclosure is: 90 days after a NOD filing, a NOS is filed. Between 21 - 25 days after the NOS filing, the property is sold at a Trustees Sale, which occurs on the county courthouse steps. If the bank buys the home back, it becomes a REO (Real Estate Owned) property.
An owner can save their property from going to Trustee Sale by what's called 'reinstating the loan,' which means coming current on all past-due obligations on the loan: this must occur no less than 5 days before the Trustee Sale.
If you have questions about the foreclosure process, including REOs and Short Sales, please call us at 949-285-1207. We work with both sellers and buyers of distressed properties.