Tag Results
11 Tag Results
1 result(s) displayed (11 - 11):
May 07, 2008
Pre Foreclosure
Pre foreclosure is the process instituted by mortgage lenders when borrowers default on their house payments. Most lenders take pre foreclosure action when the borrower fails to remit their mortgage payment for two or more consecutive months. Occasionally, lenders will wait three months before filing pre foreclosure notice; however, this is rare.
The pre foreclosure stage gives borrowers an opportunity to work with their lending institution to rectify the situation and avoid foreclosure. If the borrower is able to get their mortgage payments current the lender will generally reinstate the loan and no further action will be taken.