It's essential to get up-to-date pre-foreclosure, foreclosure information and act on it as quickly as possible. The PFS (Preforeclosure Sale) Program accepts the mortgagor in default to sell his/her home & use the net sale proceeds to meet the mortgage debt even though these proceeds are less than the amount owed. Pre-foreclosure is a process that gives public notice of the start of the foreclosure process on a property. It gives a potential buyer the first chance to purchase and it gives the defaulting borrower time to sell or refinance.

In short the pre-foreclosure period is the duration between the bank/lender's notice to the borrower of the borrowers default on the mortgage payment & the time when the property will be sold at a foreclosure auction. During the pre-foreclosure stage, the bank has to inform the homeowner that he/she is in default and that if the default is not recovered within a define period of time, the property will be sold at auction to the highest bidder. During this pre-foreclosure grace time, the borrower must reinstate the loan by paying off the default amount. So the foreclosure process is a complicated process that consists of three primary stages, each introduces a bargain buying opportunity and the first stage is Pre- Foreclosure.

Foreclosure is a stage that allows a lender to reinstate the amount owed on a defaulted loan by selling or taking ownership of the property by securing the loan. The foreclosure process starts when a borrower/owner defaults on loan payments & the lender files a public default notice, called a Notice of Default or Lis Pendens. We can end a foreclosure process in one of the following ways:

• The borrower sells the property to a third party in between the pre-foreclosure duration. The sale permits the borrower/owner to pay off the loan & avoid having a foreclosure on his or her credit history.


• The lender takes ownership of the property, usually with the aim to re-sell it on the open market. The lender can take ownership either with an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.


• A Third party can buys the property at a public auction at the end of the pre-foreclosure period.


• The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.

Are you in foreclosure or is one or more foreclosures affecting your credit and overall sense of security! If you are not sure where to turn or who to trust, we will help you. At The Closing Company, our mission is to make the closing process as stress free as possible. We are not realtors. We are not mortgage brokers. We are not investors. We are not lenders. We are short sale processors and attorney mediators. Our Pre-Foreclosure Legal Services includes:

• Document preparation
• Legal Representation
• Explanation of pre-foreclosure process
• Data analysis
• Lender liaison
• Question and answer session
• Response to the foreclosure lawsuit
• Discussing your specific case and circumstances

Thanks for visiting us. If you are in foreclosure or one or more foreclosures is affecting your credit, The Closing Company will help you with pre foreclosure & deed in lieu of foreclosure.