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. This is where you should begin looking for Pre-Foreclosure help.
Pre-foreclosure can be an important phase of real estate, 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.
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.
King & Corbin Associates, L.P.
Copyright © 2020 King & Corbin Associates, L.P.- All Rights Reserved.
Website Design by The Walter Grace Agency
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.