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What is Pre-Foreclosure Properties?
Buyers Answers
Pre-foreclosure is the first stage of the foreclosure process in which a homeowner has defaulted on his or her mortgage payments, but still has the opportunity to stop the foreclosure by catching up on defaulted payments off the entire loan balance – usually by refinancing or selling the property. Homeowners in pre-foreclosure are often motivated sellers who want to avoid losing their property at public auction.
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