What does Pre-Forclosure mean or how is it determined on the filter tab?

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November 07 2012 - Orland Park
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Profile picture for Brad reynolds
Thanks for your question, a pre-forclosure is when a property is in the early stages of being repossessed due to the owner's inability to pay their mortgage obligation. Reaching pre-foreclosure status begins when the lender files a default notice on the property, which tells the property owner that the lender will proceed with pursuing legal action if the debt is not taken care of.  The property owner then has the choice to pay off the remaning debt or sell the property before it is foreclosed.
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November 08 2012
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Pre-Foreclosure means that the bank has notified the owner that they are in default and if things aren't brought up to par , the house will be foreclosed.
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November 07 2012
 

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