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What is Pre foreclosure?

  • October 19 2013 - Fort Washington
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Answers (3)

A pre-foreclosure is a public notice of a default in the terms of the mortgage contract.

It does not mean the home is available to be purchased nor does it mean it will be available any time soon.

If you are interested in foreclosures limit your focus to those properties which have already gone through the foreclosure process, and are currently for sale.
  • October 20 2013
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Pre forclosure are the steps taken by the lender and the borrower after the borrower default on the loan. after The Notice of Default is executed by the beneficiary or trustee and recorded in the office of the county recorder where the property is located, the borrower has at least three months before Notice of Sale is given, to pay off all indebtedness, negotiate with lender for loan modification, Deed in Lieu, sell the property or negotiate with lender a short sale if there is not enough proceeds anticepated from the sale of the property to pay off all indebtedness.
  • October 19 2013
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It means that a property is in the beginning stages of being reclaimed because of late mortgage payments/an outstanding debt. The property owner can pay off the debt, sell the property, or a foreclosure will occur.   
  • October 19 2013
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