Get flash to fully experience Pearltrees
Eight steps to finding a bargain By RealtyTrac | Published: 2/03/2008 A property owner who misses several mortgage payments has a pre-foreclosure grace period of a few weeks to a few months -- depending on the state -- to bring the payments up to date and stop any foreclosure proceedings. If the owner does not bring the delinquent payments up to date, the property will be sold at a public auction, which is announced via a Notice of Trustee's Sale (NTS) or Notice of Foreclosure Sale (NFS). NOTE: Buying foreclosure properties at the courthouse steps can be challenging and the most risky option because: You are competing with seasoned investors who track the auctions daily.
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice. The foreclosure process can end one of four ways: The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure.