Posted on: 11th Oct, 2008 06:44 pm
what are the options after pre forecloser is listed on your property? How long before it is forclosed on?
Hi Peggy!
Welcome to Forums!
Pre-foreclosure is like a grace period. The length of the grace period varies from state to state. Some states allow a pre-foreclosure period of 6 months while some states have shorter periods. Once you are into a pre-foreclosure period, then you are left with mainly two options. You will either have to pay off the debts or sell the house. You can take a personal loan and pay off the debt. Selling the house will help you get the amount that you need to pay off the loan. In case, the lender sells off the house, the price will certainly be much lower, because the lender will want to offload the property as soon as possible.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Pre-foreclosure is like a grace period. The length of the grace period varies from state to state. Some states allow a pre-foreclosure period of 6 months while some states have shorter periods. Once you are into a pre-foreclosure period, then you are left with mainly two options. You will either have to pay off the debts or sell the house. You can take a personal loan and pay off the debt. Selling the house will help you get the amount that you need to pay off the loan. In case, the lender sells off the house, the price will certainly be much lower, because the lender will want to offload the property as soon as possible.
Feel free to ask if you have further queries.
Sussane