What is preforeclosure
Recent economic uncertainty has caused a rise in pre foreclosure notices, and rising interest rates or ARMs will cause more in coming years. If lenders were placed in the position to reclaim all of the properties that went into foreclosure, the act would raise scrutiny from the government -which would likely generate a review of the bank's lending practices. "What is preforeclosure" With this knowledge, it is possible to negotiate with the lender to discount what is owed on their payoff, leading to a better pertcentage of equity that can be realized on a property. This can't be done on loans not in default.
Keyword: What is preforeclosure
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Finding Quality Pre-foreclosure Listings
All the sites listed below offer listings for a fee. Take advantage of the free trial period offered evaluate their listings. The sites should offer the latest listings with daily/monthly updates. Using the internet, a number of web sites allow searches by state, county, city, and zip code. Pre-foreclosure listings are public information and generally available at the local recorder's office. Since most pre-foreclosure listing sites offer a free trial period, take advantage to determine if the quality of data and services meet your needs.
| Trial? | Updated? | Rating | Link |
| 7 days | Daily/Weekly | ***** | RealtyStore.com |
| 1 Week | Weekly | **** | Bargin.com |
| 1 Week | Weekly | **** | RealtyTrac.com |
| 7 days | Weekly | *** | Foreclosurenet.net |
| 3 days | Monthly | *** | Foreclosure.com |
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House Foreclosure
A house foreclosure takes place when the owner defaults on the mortgage payments for a property. It is the legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property, usually through a forced sale of the property at public auction. The money from the property's sale is applied to the mortgage debt.