Many borrowers are unaware that lenders have the ability to determine and designate when borrowers reach a state of what is known as “Imminent Default”. This is when a borrower is more than likely to default on a mortgage loan agreement.
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Pre-foreclosure refers to a specific period of time early in the foreclosure process. Pre-foreclosure is when the property is in the infant stages of being repossessed by the bank. This period begins when the lender files a default notice on the property, effectively letting the borrower know that legal action will be pursued by the lender should the borrower not submit the delinquent payment.
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