Lis pendens vs Notice of Default: where pre-foreclosure begins
Pre-foreclosure starts with a public filing. In judicial states like Ohio, Florida and New York, the lender files a lis pendens or foreclosure complaint with the county court; in non-judicial states, a Notice of Default is recorded with the county. Either way, the owner still holds title — which is exactly why this window matters. Rescue capital can still refinance, investors can still negotiate directly, and brokers can still win the listing. Once the sheriff sale or trustee auction happens, the opportunity (and the margin) is gone.