Pre-foreclosure Law

Pre-foreclosure law refers to the legal process that happens before a property is officially taken back by the lender due to unpaid mortgage payments. When a homeowner falls behind on payments, the lender may start pre-foreclosure proceedings, which typically involve notifying the borrower and giving them a chance to catch up on payments or negotiate alternatives, like a loan modification or short sale. During this period, the homeowner can still take steps to avoid foreclosure, but it’s critical to act quickly and understand their rights and options.