The owner is likely trying to get loan modification, he's been in & out of Notice of Default status for over a year. The bank files the NOD, then it gets released likely because the owner has caught up on payments. Looking at the size of the home, this person HAS equity, it would probably never go to short sale or foreclosure and you'd never purchase this for only $300K. It's roughly that amount that is owed.
So, when you see a ridiculously low price for a home in a neighborhood you know fetches higher prices, it's likely just ONE of the loan's balances, there can also be a 2nd. So, if you see a place in Orange, for example in a neighborhood that's in the $500-600's and the "foreclosure site" states a price of $250K. That's NOT the price, even if it came on the market at that price, it's either a dump fixer that is inhabitable OR the listing agent enjoys filtering through 100 offers, well over that amount.
If you're interested in Villa Park and would like to see if there are any great deals that I can find for you, whether they be ON or OFF the market, shoot me an email directly.