What is a Pre-Foreclosure?
A Pre-Foreclosure is a property whose owner has defaulted on the loan payments and whose lender has initiated the foreclosure procedure, usually starting with an official "Notice of Default" to the owner. A Pre-Foreclosure property exists during the first stage of the legal procedure, and therefore still belongs to the owner. The length of the Pre-Foreclosure period depends on type of foreclosure process mandated by state law and the applicable legal documents the borrower signed with the lender when the property was originally purchased. As mentioned earlier, either judicial or non-judicial procedures are required by law in different states. Read more inside our Members Section
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