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what is pre forclosure

  • January 19 2014 - Westwood
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Answers (5)

Both Peter and Jocelyn are correct. Pre foreclosure is when a homewoner falls behind on their mortgage. The process all depends on whom the lein holder is for that property. Good luck!
  • February 16
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Pre-foreclosure is a stage when the mortgage company files for a notice of default on the property. This is a clear sign that the lender will pursue legal action if the homeowner fails to pay for the outstanding mortgage. This kind of situation gives the property owner two options—to settle the debt or to sell the house before it gets foreclosed.

If you were faced with this kind of dilemma, the wise move would be to list your house with an agent and sell it to avoid foreclosure. This is also a great way to prevent some credit damage that a foreclosure can do.

If you need more information, don't hesitate to call me at[deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]nd I'd be happy to help you with your concerns.

  • January 21 2014
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Profile picture for Peter J Rogers
When payment on the mortgage of a property is 30/60 days late the bank is required by law to formally notify the borrower of the fact that unless the payments are brought up to date the bank will institute foreclosure proceedings. That notice is published under the heading "Pre foreclosure"
If the mortgage is not brought up to date the bank will then file a "lis Pendens" with the municipality. This notifies all interested parties  that they are instituting foreclosure proceedings.
At this point the property is still under the control of the homeowner and unless they decide to work with the bank in order to sell the property (hence the "Short Sale") it is not available for purchase.
For your guidance the majority of the mortgages are brought up to date are the proceedings do not progress.
  • January 21 2014
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Profile picture for Tyler Tapley

The home has not been listed for sale yet.

  • January 21 2014
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Profile picture for wetdawgs
  • January 19 2014
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