It's a sad fact, but many Americans lose their homes to foreclosure every year. Some lenders aren't all the time diligent sufficient in checking a person's quality to make repayments, and others don't in fact care anyway. And of policy there are situations where a change in circumstances happens, foremost to the homeowners being unable to meet their mortgage obligations.
Whatever the cause of a person getting behind on their mortgage payments, the process from that point onwards is fairly set. Initially, the lender will file a public default notice. This initiates the foreclosure process, and at this point the property officially enters the pre-foreclosure stage.
What is Pre-Foreclosure?
So basically, pre-foreclosure is like a grace period. The homeowner is being warned that they're in default and need to do something about it, but at this point, the lender is unable to claim back the property and sell it to recoup their costs. The length of the grace duration varies, as it's carefully by state laws. Some states allow the grace duration to last for as long as 6 months, but many states have shorter periods.
Once the property enters pre-foreclosure, there are a whole of ways the homeowner can avoid having their property foreclosed on and sold by the lender.
Pay Off The Default
If the homeowner can find the money t pay off the default amount, then the property is removed from pre-foreclosure. If the whole in default is small, and the default was caused by a temporary glitch in circumstances, then it may be worthwhile taking out a personal loan to repay the debt. If the problem is ongoing, however, this may just cause more problems for the homeowner.
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