What Is the Difference Between Foreclosure & Pre-Foreclosure?
Feb
13
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There is a big difference between Foreclosure and Pre-Foreclosure. Many people make the mistake of using these terms like they are synonyms or just incorrectly in context. Simply put:
Foreclosure
Foreclosure is the time after an auction or sale has taken place and the bank owns the property.
Pre-Foreclosure
Pre-Foreclosure is the period of time before the sale or auction and the homeowner still owns the home.
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