pre-foreclosure
Loan default warning
Pre-foreclosure is the period after a homeowner defaults on mortgage payments but before the property is seized and sold at auction.
During this window, the borrower may still pay off the debt, negotiate with the lender, or sell the property to avoid foreclosure: They bought the house in pre-foreclosure at a steep discount.
Real estate investors often target pre-foreclosure properties.
Preset standard option
- noticeBecome aware of
- lienClaim securing debt
- mortgageSecured home loan
- deedWritten property conveyance
title · loan · arrears · delinquency · breach · acceleration · covenant · encumbrance
Severe anxiety or suffering
- hardshipSuffering from difficult circumstances
- delinquentFailing in duty
- underwaterBelow the surface
- negative equityOwing more than owned
missed payments · debt · forbearance · modification · reinstatement · workout · arrearage · principal
Professional guidance for problems
- assistanceSupport or aid given
- outreachProactive community assistance
- HUDVisual information overlay
- nonprofitOrganization serving public good
hardship letter · financial statement · documentation · negotiation · options · alternatives · communication · lender
Reduced price offered
- wholesaleBulk sales to merchants
- motivated sellerVendor eager to close
- equityImpartial treatment or ownership value
- flipQuick turning motion
acquisition · assignment · cash buyer · investor · REI · deal · off-market · distressed property
default
Preset standard option
deed · title · loan · arrears · delinquency · breach · acceleration · covenant · encumbrance · judgment
distress
Severe anxiety or suffering
- hardshipSuffering from difficult circumstances
- delinquentFailing in duty
- underwaterBelow the surface
negative equity · missed payments · debt · forbearance · modification · reinstatement · workout · arrearage · principal · interest
counseling
Professional guidance for problems
- assistanceSupport or aid given
- outreachProactive community assistance
- HUDVisual information overlay
nonprofit · hardship letter · financial statement · documentation · negotiation · options · alternatives · communication · lender · servicer
discount
Reduced price offered
- wholesaleBulk sales to merchants
- motivated sellerVendor eager to close
- equityImpartial treatment or ownership value
flip · acquisition · assignment · cash buyer · investor · REI · deal · off-market · distressed property · profit margin
- forced salessheriff's sale, tax sale, forced sale, seizure, property seizure
- foreclosureforced sale, mortgage default, loan default, sheriff's sale, deficiency judgment
- Fixer-Uppersfixer-upper, handyman special, needs work, distressed property, gut job
pre-foreclosurerepossessed
Seized for nonpayment
unencumbered · bank-owned · foreclosed · paid off · clear title
pre-foreclosuregood standing
Favorable status or reputation
paid off · up-to-date · solvent · underwater
foreclosure, foreclose, foreclosed, forecloses, foreclosing, close, closed, closer, closest