The NOD listing is the first public record of nonpayment. It signals the commencement of the legal foreclosure process. All during this time the homeowners still have options. They can either try for a loan mod if they have income and or want to stay in the house or they can do a short sale.
You may not see many foreclosures on the market right now but that does not mean that banks don't have foreclosed inventory. They often have their own internal reasons for choosing a certain time to market them.... more