The Three Stages of Foreclosure

Pre-foreclosure is the period of time before the lender forecloses on your home. If you are the homeowner, you need to act fast if you want to avoid getting to the next stage. You need to refinance, make payment arrangements or sell your house. You need to get the money owed to your lender or your house will be lost due to foreclosure.

During foreclosure, your property is seized. A notice of default is generally sent and the homeowner is has a reinstatement period where they have time to make arrangements or pay the lender their fees. If you cannot do something during that reinstatement period, you will be evicted from your home.

After foreclosure happens, the house is sold, most often at a trustee sale where the house is sold for a deeply discounted price. Many people look for foreclosure sales to save a significant amount of money on buying a home. Foreclosure listings services are available for free and for a fee.

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