Pre-Foreclosure?

A Pre-Forclosure is nothing more than what it says. It’s when a property becomes delinquent and is heading down the path to be forclosed on by the mortgage holder (bank).

Anytime a home owner becomes delinquent on their mortgage, and the delinquency becomes more than 90 days behind, that’s when the bank can legally begin to start the foreclosure process.

The entire time between the 90 days and the day the property goes to the foreclosure auction at the courthouse steps is considered the Pre-Forclosure stage.

When you are looking at homes in the comment sections you will either see Pre- Forclosure or Short Sale. This is basically the same thing, just said in 2 different ways.
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