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Preforeclosure HelpPreforeclosure help is designed to offer assistance and information about the foreclosure process. Preforeclosure is the time period when a homeowner is not paying their mortgage as agreed in their loan documents. It is a time frame that can last up to one year. People are never thrown out of their homes immediately after missing one or two payments on their home. After about three missed payments is probably when the bank will initiate some earnest communication to recoup missed payments. At times, a negotiation can be reached where payments can be completed. However, if no negotiation is made or attempted, then the bank will proceed with the process of repossessing the home. This is the actual foreclosure process. Be Careful!During the preforeclosure period, the homeowners can be approached by people interested in acquiring the home. Some of these people may honestly be seeking to assist the homeowners while others may be seeking to dupe the homeowners out of their homes.Unfortunately, the "dupers" have caused the preforeclosure period to be extra difficult for homeowners in this situation. Recently, a scam was uncovered in Southern California that resulted in several hundred people losing their homes. This was the direct result of someone with just enough information and not enough morals preying on unknowing folks. This is why I don't advocate going after houses that are in preforeclosure. I feel that people are stressed out enough with the fact of not being able to pay their bills due to whatever hardship, without adding to it by trying to benefit from their misfortune. Plus, there are a gazillion REO Homes out there that the bank owns. Take those instead. It won't bankrupt the bank if you acquire an REO from them at a price smaller than what they list it at.
Ask Different People for InformationFor people who find themselves in the situation and need preforeclosure help, I'd always suggest calling a real estate agent, the lender that you have your mortgage with, or an attorney. Someone should be able to provide you with information on what your options are. Plus, if you talk to multiple people you can see if the information from the first person holds up against the information from the second and third persons.
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