Here are the five stages of foreclosure:
1: Missed payments
2: Public notice
After receiving Notice of Default from the lender, the borrower enters a grace period known as “pre-foreclosure.” During this time – anywhere from 30-120 days, depending on location – the borrower can work out an arrangement with the lender via a short sale or pay the outstanding amount owed. If the borrower pays off the default during this phase, foreclosure ends and the borrower avoids home eviction and sale. If the default is not paid off, foreclosure continues.
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