What Does Preforeclosure Mean? (VIDEO)

What Is Preforeclosure?

So basically, you’re in pre-foreclosure when you start getting behind on your mortgage payments. You’ll be served a notice of default when you’re 90 days past due, and that notice of default is considered the pre-foreclosure process. 

I was asked about pre-foreclosure the other day, and I thought it was actually a really good question because when it comes to foreclosure, it can get confusing. 

Now I live in the state of Oregon, and in Oregon, there’s two types of foreclosures. There’s judicial and there’s non-judicial. 

Judicial Foreclosure

In a judicial foreclosure, it goes through the court system and there’s a redemption period at the end of it of six months. 

Nonjudicial Foreclosure

Now the most common foreclosure process in Oregon is the non-judicial foreclosure process, and that process involves the home being redeemed by the bank. This is when you hear of people at the courthouse steps buying a property, and the sheriff sells the deed of the property back to, either the bank or somebody else.

The whole process takes about 180 days to complete in the state of Oregon, so if you are past due on your home, and you’re in the pre-foreclosure phase, and you’ve been served a notice of default, then you would have 90 days plus 180 days, so roughly six to seven months, before the process would completely be done. 

You Can Get Help

Now one great thing about the foreclosure process in Oregon, is you have the right to reinstate your loan. Which means you have time, and that’s the great thing. There’s a process, the process has to be followed, but it’s really important if you’re facing foreclosure to make a call to a professional who can help you. 

Grand Real Estate Investments can help you with the process. Our ultimate outcome for you would be to get your home sold on the market so you can get the most amount of money. But if you can’t do that, or if the timing’s not right, or there’s just not enough equity in it to pay everything off, then we can come in, negotiate directly with the bank, and we can prevent that foreclosure, and buy the house for cash. 

So those are the two options that we can help you with and if you are facing foreclosure and you’ve just been served that notice of default, you have the most amount of options. 

Foreclosure is a horrible thing to go through, but it can be prevented with a little bit of help. You just have to be willing to reach out and ask for that help. And if you are facing foreclosure, feel free to reach out to us at 541-249-5990 or go to our website EugeneHouseBuyers.com and we will help you out.

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