The Distressed Deals filter displays four states of foreclosure in a color-coded visual on the Discover map. You can use the Distressed Deals filter to find potential investment opportunities. This information can be difficult to find, unless you are paying for a specific service that specializes in distressed properties.
While many may think that by the time a home is in foreclosure, everyone is already aware, but that is not the case. If you have this information, you have a better chance of identifying these properties for your buyer and/or investor clients.
We remove the Distressed tag after 6 months of no courthouse activity (the owner has caught up on payments), or after the property changes hands; whichever comes first.
The Distressed Deals filter identifies the following states of foreclosure:
- Lis Pendens: Latin for suit pending, lis pendens is a written notice that a lawsuit has been filed involving the title to the property, or that there is a legal matter with the owner of the property. The defendant (property owner) has been notified that there is a claim on the property, and the recording is public information. This information is useful to anyone interested in purchasing or financing the property.
- Notice of Default: This filter is state-specific. Notice of default is the official correspondence between the lender and borrower, when the lender expresses its intention to foreclose on the property because the borrower has not made their payments. The borrower may prevent the foreclosure by paying the money owed (plus legal fees, sometimes) by a particular deadline. Some states require that the notice of default be filed with the county clerk. Notice of default is part of the process of a non-judicial foreclosure.
- Notice of Foreclosure: This filter is state-specific. Notice of Foreclosure Sale is a legal document that notifies the public of the date, time, and location of a foreclosure auction, as well as the address of the foreclosed property. This is typically a step in the process of a judicial foreclosure in a mortgage state.
- Notice of Trustee: This filter is state-specific. Notice of Trustee's Sale is a legal document that notifies the public of the date, time, and location of a foreclosure auction, as well as the address of the foreclosed property. This is typically a step in the process of a non-judicial foreclosure in a deed of trust state.
Note: The information available to us is only what the lender has officially recorded with the courthouse – we do not have real-time data on missed payments.