Buying After Missed Payments But Before Foreclosure

[James Gilpin]

Hi All, I have done a couple of flips from vacant houses I found driving for dollars. I saw a video on YouTube of an investor buying a property for $140k which the seller states has $120k owed and missed two payments. The investor claims the property to be market value at $185k. My question would be, how do I go about finding sellers who have missed payments who are motivated but have not yet been foreclosed? I am struggling with understanding what/how lis pendens or notice of defaults work and the steps of making deals that are not in auctions? If anyone has insight or a direction for me to learn I'd be very grateful. Thanks! P.s. Michigan laws.