Foreclosure Information
When a homeowner misses a payment or two, lenders file a NOD (Notice of Default). This can also be referred to as a LIS (Lis Pendens). These are filed as public records and starts the foreclosure process by being referred to as a pre-foreclosure.
The county courthouse generally deals with this process between the lender and borrower. Lenders present the mortgage documents and borrower's signed documentation when they purchased the home. The lenders also provide a list of all costs associated with the mortgage. This can include but is not limited to late fees, penalties, collection attempts. These are all taken in consideration by the court in the final judgment. If the courthouse judge decides for the lender, which is most of the time, an auction date is set.
When the house is set to auction, goes to auction, this can be considered a regular foreclosure auction or sheriff's sale.