Dear Juan,
With the market being as saturated as it is with Foreclosures, the process is often taking longer than "normal". Having said that, what is "normal?" Since so many have been affected in some way by the lending crisis, many lenders are not issuing a Notice of Default until the loan is several months past due. Often the lender will try to get the home owner to bring the loan current and in some cases will agree to a loan modification. Once a Notice of Default is filed (public record), next is a Notice of Trust and then Notice of Sale. Again, lenders are taking longer to issue these notices due to the back log of past due loans and due to the consumer demand for loan assistance.
If you are experiencing difficulty making your loan payments I encourage you to contact your lender and talk honestly about your situation and ask for help. If you are interested in a home that you happen to know is in default, you could contact a local Realtor and ask him/her for assistance in finding out the status of that home.
Unfortunately, there is no short answer to your question as each situation is unique. If you would like to contact me personally, I will help you get the answers you need.
Sincerely,
Julie Rees - Realtor w/Coldwell Banker Real Estate in Folsom, CA.
julie.rees@cbnorcal.com (916) 622-7337