Foreclosure and Pre-Foreclosure are two different things….We are seeing an unprecedented number of homes going into foreclosure. This is due to the overall slump in the housing market, as well as difficult economic times in general. As unemployment rises, and it becomes harder for small businesses to stay afloat, more and more homeowners are unable to keep up with their mortgage payments. However, when someone stops making their payments, the bank does not immediately foreclose on the property. What happens first is a period known as pre-foreclosure. If you are a homeowner facing this possibility, this is an important point you should be aware of.

Read more »

Originally posted 2009-04-24 08:13:07. Republished by Old Post Promoter