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It works like this in California (a trust deed state): you miss 3 months of payments, the lender issues a notice of default. After another 3 months of non-payments, the lender issues a notice of trustee’s sale. 28 days later, the house is auctioned off and becomes a REO if no one bids at or above the credit bid. Both notice of default and notice of trustee’s sale are in the paper. There are certain business publications that are a major source of this information. However, it’s just easier to pay a website like www.realtytrac.com $40 a month (or whatever they charge) to gain this info online. I use both realtytrac.com and my local title rep to get this info. My title rep knows I deal with foreclosures and short sales and sends me this info for free in hopes that my buyer will use her company for the insurance and escrow.
Regards