 |
Foreclosure Data - Use and Analysis |
|
Foreclosure Data - Use and Analysis |
Each state in the United States has it's own procedures for how a lender can foreclose on a loan in default. These procedures are determined by state law and although the procedures and timeframes can vary widely, there are common characteristics to all of them. The biggest difference in the foreclosure process between states is the use of either judicial or non-judicial foreclosure, which simply means the foreclosure will be handled through the courts (judicial), or handled outside the courts by advertisement and publication (non-judicial). There are also three phases to the foreclosure process that need to be discussed, the default phase, the auction phase and the REO (foreclosure) phase. Understanding the type of foreclosure process, and the current stage of the process will often help to determine what sort of foreclosure data you may need which could range from simply clipping newspaper advertisements up to subscribing to a multi-county data provider with other liens and property comparable sales included.
RELATED ARTICLES:
Lender Requirements and Motivation during foreclosure
Judicial and Non-Judicial Foreclosures