Oh No!! Foreclosure

There are Four Stages of Foreclosure

Late payments: Someone that is behind on their mortgage payments and the bank hasn’t taken any action or foreclosure proceedings against them.

Pre-Foreclosure: Someone that has a notice of default filed against them. At this point the owner can sell or work something out with the lender.

Trustee’s sale/ auction: The property will be auctioned off to the highest bidder during this stage.

Bank-owned foreclosure (REO): The bank now owns the property through foreclosure. At this stage investors can purchase a house from the bank.

At the time of the Pre-Foreclosure stage, the owner is usually motivated to sell. This would be the best time to get the property.