Cured in place is probably not a good choice due to sagging / bellies.

Have the current owner provide you with Title Insurance - - this will cure many questions that will arise when you attempt to refi.to be clear: to cure a question;  to provide an answer, NOT solve any implied problem associated.

That said, if the chain of ownership is cured then the foreclosure can take place.

We also can notify them through our tenant portal with our software.If we find a mess we give them a 7 day notice to cure.

I know, not necessarily for credit scoring though.Also, this FM definition looks like any 120 day late is the same as a foreclosure, even if the 120 day late gets cured?

What good is a Warranty Deed if the seller can't/won't defend/cure it later anyway? 

You do not have possession of the property, no equitable title, so you have a limitation on how you can cure default.  

I would send a Cure or quit letter for the dog, wait the minimum time to see if it is remedied then send a notice of eviction for breach of the lease.

If you have not been involved in the process before I'd suggest putting it on auto-pilot just as a conventional lender does and let the trustee go through the process and take it to the steps of the courthouse or where ever such are conducted in your area.I have done it for others as well, other investors as you do not need to be an attorney to act as trustee, and they would call, almost daily for updates, so I understand where you might be comming from.....And you know, that when you take the property back you will be doing so as a lender, taking collateral to cure the debt and nothing more.

Effective January 1, 2002, Treas.Reg.1.72 (p)-1, Q&A 10, provides for a cure period that allows a loan participant to avoid an immediate deemed distribution following a missed payment.