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what is pre-foreclosure

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August 16 2013 - Northbrook
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If you are entering into or are in pre-foreclosure my advice is to seek legal council with an attorney. The following is a brief description of foreclosure and  3 important stages and steps of foreclosure:

FORECLOSURES are newly filed foreclosures. These are properties that are just going into foreclosure. This is the legal process by which a borrower in default under a mortgage can be deprived of his or her interest in the mortgaged property. If the borrower cannot remedy the situation in this initial stage, their property can eventually end up in a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage.

LIS PENDENS Lis pendens is Latin for a "suit pending." A notice of lis pendens is filed for the purpose of providing constructive notice to all persons that title to the property is in litigation and that they will be bound by an adverse judgment. A lis pendens must be filed in an action where relief is demanded affecting described real property which relief might confirm or change interests in the real property. A lis pendens contains the names of the parties, the object of the action and a description of the land in that county affected thereby. The most common event requiring a lis pendens to be filed is when an action to foreclose a mortgage has been commenced. Lis Pendens are legal documents which gives constructive notice that an action has been filed in either a state or federal court affecting a particular piece of property. "Lis Pendens" is a Latin term which means "action pending".

JUDGMENTS are formal court decrees granting or denying a plaintiff's claim. A Judgment is the final outcome of any court case. For instance, in a Foreclosure hearing, a judgment in favor of the lender decrees that the lender can legally take their interest /investment in property back by auctioning it off for any loss, costs and damages. Once an action has proceeded to judgment, the mortgage merges into the judgment. For all intents and purposes, so too does the lis pendens.

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August 23 2013
pre-foreclosure usually means that someone has missed a payment for at least 90 days and the financial institution has gone and posted this in the courts.

Owner can get out of pre-foreclosure by making the payment, so if you are looking to buy a pre-foreclosure...just know what you are getting into.

Best of luck to you,
Liz
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August 17 2013
It is the same as short sale. The foreclosure process can take a yr or more and during that time you can try to sell as a short sale if the bank will allow it......which they almost always do. It tends to save them money and does not hurt your credit as much as a foreclosure.
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August 17 2013
 
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