Pre Foreclosures | Financial Blog Network

Pre-Foreclosures - the First Stage of Foreclosures

Posted: 03 May 2008

In this chapter we will review pre-foreclosures, which represent the first stage in the foreclosure process. In this phase, the homeowner has missed at least one payment and is now considered delinquent on the loan. A pre-foreclosure can also be referred to as a Notice of Default A formal notice to a borrower declaring that a default has occurred and that legal action may be taken.

Also known as a NOD. or Lis Pendens A notice indicating that legal action is pending on a property., which is a formal warning sent to the borrower on a loan regarding the delinquent payment(s)… Continue reading

Tags: distressed homeowner, pre foreclosures, Lis Pendens, Foreclosures

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