Posted on: 08th Jan, 2014 12:19 am
Hi there... Can anyone let me know what is a pre-foreclosure?
Well, the process of foreclosure starts with a "Notice of Default". The period from the day the notice is served till the day the home sells at the auction is considered the "Pre-foreclosure" period.
You may go through "http://www.realtor.com/home-finance/homebuyer-information/understand-the-preforeclosure-process.aspx?source=web" to know more about pre-foreclosure.
A pre-foreclosure sale is a short sale or if you give the keys to the bank--a deed-in-lieu of foreclsoure.
In other words, if you do nothing, you are facing foreclosure at some point in time, but, in order to avoid foreclosure, you decide to do something and that something is a short sale or a deed-in-lieu of foreclosure.
There is no requirement that the lender have filed a Notice of Default to do either one.
In other words, if you do nothing, you are facing foreclosure at some point in time, but, in order to avoid foreclosure, you decide to do something and that something is a short sale or a deed-in-lieu of foreclosure.
There is no requirement that the lender have filed a Notice of Default to do either one.
