paranoid and bob hope this helps….The definitions are different points of recordings made during the foreclosure process, not necessarly a step by step process. During the entire process the owner has chances to cure the default
NOD – Notice of Default. Technically you are default once you miss a payment. Usually the lender will not notify the trustee until you miss 2 or 3. Once that occurs a notice of default is recorded. This signals the beginning of the foreclosure process.
NOT – Notice of Trustee Sale – This is not in the stats that Dasiy posted. This is an official recording that the owner has been notified that the home is going to be sold at auction in a trustee sale.
REO – This event is that the auction occurred and the home did not get sold at auction and title is now held by the lender, not the trustee. Note that someone (any private party) could have purchased the home at auction but did not.
Also note that again, at any time during this process the owner could have cured the default… I don’t know if the curing could happen on auction day, but I have heard of cases where the curing was done very close to auction. Foreclosure is a term that could be applied to the entire process I guess…Hope this helped guys…
Oh yeah as far as interpreting the numbers, like are they totals and if so how far back do they go, I am sure Daisy can clarify.