Tagged : Rancho Santa Margarita Foreclosures 
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Rancho Santa Margarita Foreclosure - What Exactly Does It Mean?
Wednesday, January 13th, 2010 at 5:17pm. 258 Views, 0 Comments.
There are currently eight Rancho Santa Margarita homes for sale that are flagged as "In Foreclosure Process" or "Notice of Default". There are six more flagged as "REO/Lender Owned", and a whopping 88 homes listed as "Short Sale". What exactly do all these terms mean?
What Does "In Foreclosure" Mean?
The Foreclosure Process
"Preforeclosure" is just a general term for homes that are in some stage of the following process before the actual Trustee's Sale:
1. The home owner stops making payments on the mortgage.
2. The lender files a "Notice of Default" (NOD), usually after 90 days or more.
3. Another 90 days after filing the NOD, the lender can file a "Notice of Trustee's Sale".
4. 21 days after the Notice of Trustee's Sale, the home…
