Pre-foreclosure is the stage before a home is officially foreclosed, usually triggered when the homeowner has missed several mortgage payments. During this time, the lender issues a notice of default or lis pendens, notifying the homeowner of their default.

The pre-foreclosure phase provides an opportunity for homeowners to rectify their mortgage situation by catching up on payments, negotiating with the lender, or selling the home to avoid a full foreclosure.

It’s a critical period that can determine whether the homeowner loses their home or finds a resolution.

If you’re facing pre-foreclosure and need help understanding your options, contact us today for a free consultation.

Foreclosure is a legal process initiated by the lender when a homeowner is unable to make mortgage payments. During this process, the lender seeks to repossess the home to recover the remaining loan balance.

Foreclosure typically results in the homeowner losing their property, and the home is often sold at auction.

Once foreclosure is complete, it can have serious financial and credit impacts, making it difficult for the homeowner to buy another property for years.

Need assistance navigating the foreclosure process? Reach out to us to discuss your options before it’s too late.

There are several options to avoid foreclosure during pre-foreclosure:

Loan Modification: Adjust your loan terms to make payments more affordable.

Repayment Plan: Negotiate with your lender to catch up on missed payments.Forbearance: Temporarily pause or reduce payments if you’re facing a financial hardship.

Short Sale: Sell the home for less than the mortgage balance, with the lender’s approval.Deed in Lieu of

Foreclosure: Voluntarily transfer ownership to the lender to avoid a full foreclosure.

Unsure which option is best for you? Contact us today to learn how you can protect your home and your equity.

A short sale occurs when a homeowner sells their property for less than the outstanding mortgage balance. The lender agrees to this arrangement to avoid the lengthy foreclosure process.

Although the lender may forgive the remaining debt, it’s important to note that short sales can still impact your credit score. However, they are generally less damaging than a foreclosure.

Considering a short sale? Let us guide you through the process and help you avoid foreclosure.