How does it work when you buy a pre foreclosure home?
- how long is pre foreclosure
- how long is pre foreclosure in california
- how long is the pre foreclosure process
- how long is a pre foreclosure period
Zillow pre foreclosure.
Pre-Foreclosure: How It Works in Real Estate, FAQs
What Is Pre-Foreclosure?
Pre-foreclosure refers to the first phase of a legal proceeding that ultimately can conclude in a property being repossessed from a defaulted borrower.
The lender files a notice of default on the property in pre-foreclosure because the borrowing owner exceeds the contractual terms for delinquent payments.
Pre foreclosure meaning
A notice of default informs the borrowing owner that the mortgage lender is pursuing legal actions toward foreclosure. Borrowers have a few options available if they find themselves in pre-foreclosure. Lenders may even be willing to negotiate with them to avoid moving to the foreclosure phase.
Key Takeaways
- Pre-foreclosure is a legal process that occurs before the lender repossesses a property.
- If a homeowner is late on a certain number of payments, the lender may issue a notice of default, sending the home into pre-foreclosure.
- Mortgage borrowers may still have some options during pre-foreclosure to save their homes.
- A lender must go through a court proceeding to finalize a foreclos
- how long is the pre foreclosure process in california
- how long does pre foreclosure last