What's This About NOD's
I was reading on this forum. I believe the actually post was "looking for my first purchase"
I saw where some people suggested this website, but then someone else suggested about calling your local title company and trying to set up an account for free weekly NOD's sent via email.
I am having a hard trouble trying to figure out anything more about this and I was wondering.
Thanks,
Sacred Hoops
NOD stands for Notice of Default and is a publically recorded document that, in most jurisdictions, signals the start of the countdown to foreclosure, but this is typically in states that handle foreclosures non-judicially (without a court proceeding).
Indiana is a judicial foreclosure state so you are probably looking for lis pendens (or some such similar spelling). It means that there is legal action pending for a secured debt. And it is probable that closings are handled by attorneys instead of title companies. You might ask your county recorder or an attorney about the use of lis pendens prior to foreclosure and how you can obtain a daily or weekly list.
The timeline for foreclosure appears to be dependant upon when the mortgage was signed 12 months (pre-1958), 6 months (between 1958 and July 1, 1975), or 3 months (post-July 1, 1975). Apparently, the owner may sign a waiver of this time period and allow the foreclosure to commence sooner...this also prevents the creditor from sueing for a deficiency.
Regardless of the timeline, a notice must be published in a newspaper once per week for 3 weeks, and the first notice must run at least 30 days prior to the auction. There is no redemption period after a sale.