Signed in as:
filler@godaddy.com
PRe-Foreclosure Solutions
It's our goal to help our clients in the crucial time of need
Pre-foreclosure refers to the beginning phase of a legal proceeding that ultimately involves repossessing property from a defaulted borrower. In pre-foreclosure, the lender files a notice of default on the property because the borrowing owner has exceeded the contractual terms for delinquent payments. A notice of default informs the borrowing owner that the lender is pursuing legal actions toward foreclosure.
Pre-foreclosure can be an important phase because the lender may be open to a last rights negotiation on delinquent debt for the borrower. The borrower often has a final opportunity to potentially reverse the default status by either making up late payments negotiating a modification, or possibly opting to sell the property before it reaches a final foreclosure eviction.
Key Facts
Pre-foreclosure usually begins when the lender files a default notice on the property because the homeowner has exceeded the contractual terms for delinquent payments (often three months of delinquent non-payments).
In pre-foreclosure, mortgage borrowers can still have some options, including making backdated payments, negotiating a modification, or arranging a short sale.
Don't Wait on the Moratorium to Expire!
Waiting on the Moratorium to Expire will cost you all of your equity in your home. You can get out of Foreclosure without selling your home.