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What does PreForclosure mean

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August 24 2013 - Strasburg
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Basically, "pre-foreclosure" is a grace period a home owner has for redemption before actual foreclosure. The owner can pay off the default amount--he can sell it at public auction during this period.  The property is still the owners even though a notice of default has been issued. He still has time i.e. a grace period.to save his credit by reinstating the loan in default.
An investor can approach the owner during this period and buy the property outright thus getting a discounted price.
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August 25 2013
It really means nothing and implys that the house is being sold as a short sale. Foreclosure is a process so you are in it or you are not. It's like saying you are pre-pregnant. Meaningless. Pre-foreclosure is a poor slang term that means the owner is having a hard time making mortgage payments and needs to sell. Most often they are trying to sell short in which case the bank must also agree to it. They are frustrating and long.
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August 24 2013
It means Notice of Default has been sent by the bank to the mortgage holder.  This link spells it out rather nicely.
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August 24 2013
 
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