| A Pre-Foreclosure sale allows the Homeowner who is in default to sell the property and use the sale proceeds to satisfy the mortgage debt, even if the proceeds are less than the amount owed. The loan must be 31 or more days delinquent at the time of the Pre-Foreclosure Sale closing.
A Pre-Foreclosure Sale is not an option if the property has been abandoned or the Homeowner has the ability to pay the debt.
Pre-Foreclosure Sale Qualifications :
1) Default must be due to a verifiable increase in living expenses or decrease in income.
2) Foreclosure is inevitable.
3) Owner occupies as primary residence.
4) Conditional occupancy exceptions allowed |
