List source criteria question regarding equity %

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I’m a cash buyer and I’m putting together a direct mail marketing list in ListSource. I recently read that an author was using a criteria of 70-100% equity in the home. This may be a stupid question, but how can someone be in default/pre foreclosure with 100% equity? What am I missing?

There are all sorts of properties listed on Listsource. They are probably not looking into foreclosures and pre-foreclosures only. This may serve as one of a myriad of explanations. 

Hope this helps!