Title: What Is Pre-Foreclosure and When Will Your House Be Repossessed? | realtor.com®
Headings: What Is Pre-Foreclosure and When Will Your House Be Repossessed?
What Is Pre-Foreclosure and When Will Your House Be Repossessed?
What is pre-foreclosure?
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Content: What is pre-foreclosure? If you fall two to three months behind on your mortgage, your lender is typically going to come calling with a default notice on the property; this is how pre-foreclosure begins. A default notice lets homeowners know their lender will start the foreclosure process if the debt is not paid promptly. Pre-foreclosure is essentially the period of time after your lender has notified you that it plans to foreclose on your home, but before the process has been complete and the lender has taken full possession of the home, says Bill Richardson, district sales manager for The Keyes Company, an independent brokerage in Boca Raton, FL. So you won't lose your home during pre-foreclosure—think of it more as a final warning. Go to your professional dashboard
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