What is Pre-Foreclosure? Pre-Foreclosure is the time frame between when you have missed a mortgage payment that is 31 days late or more through the day that lis-pendens (legal paperwork) is filed and a Sheriff’s Sale is scheduled.
This is an important date range as you have more options available to you.
Once lis-pendens is filed (legal documents with the court), the time generally between that date and the actual Sheriff’s Sale will not allow your mortgage servicer and lien holder to internally process too many as many optional programs.
If you are in Pre-Foreclosure, you need to act immediately!
To help, we have several items on this website to help. The first thing we suggest (besides reading everything possible) is to start with the Budget Worksheet. It ALWAYS pays to be able to make an educated decision based on real income and expenses before talking to your lender or servicer
Especially when in Pre-Foreclosure
The link to our Budget Worksheet is: https://rrepros.com/budget-worksheet/
The link to our Lender Prep page is: https://rrepros.com/foreclosure/lender-preparation/
YOUR LENDER MAY OFFER
- Loan Modification
- Forbearance
- Refinance
- Loan Assumption
SELLING OPTIONS
- Wholesale
- Retail
- Assumption
- Auction
- Short Sale
An additional option you may have is to contact a Bankruptcy Attourney. Based on their advice (please realize there are longer ramifications to this option), you should discuss with them:
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
We can help answer ALL of these questions click here. Follow me on Facebook.