Default notices drop in April, foreclosure sales up

Home mortgage defaults in California, which had been rising this year, dropped in April, according to a report just released by ForeclosureRadar, an online seller of California default data.

Notices of Default, the first stage in foreclosure, fell by 18% in April from March. There were 42,675 Notice of Default (NOD) filings last month. NOD’s are filed when a borrower has missed several payments. If some kind of agreement is not reached between the borrower and lender over the default, the home is then put up for auction, typically for the amount of the outstanding mortgage. 

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