What is Pre-Foreclosure?
A pre-foreclosure is when you are 90 days behind on your mortgage payments. You still owe money to the lender, but you lose your home to foreclosure if you disagree with them. First, the bank or the lender will send you a notice of default, and they will pursue legal action if you do not pay your debt. Then, the bank will give you 90 days to come up with the missing payments and reinstate your loan.
What is Foreclosure?
A foreclosure is when the bank or lender repossesses your property. Your home will be available for public auction when the lender sells your property.
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