Best Consumer Protection Lawyers in Camden, NJ

As a Pennsylvania resident and homeowner, it is vital to understand the terminologies associated with foreclosures. Foreclosure is an overwhelming experience that can take a toll on your financial wellbeing. Before the bank can take over your property, the process goes through pre-foreclosure. Understanding the difference between pre-foreclosure and foreclosure can help you navigate the process and take proactive actions to save your property. In this blog post, we will explain the difference between pre-foreclosure and foreclosure to help you make informed decisions to save your home. 1. What is Pre-Foreclosure? Pre-foreclosure is a process that occurs after you miss several mortgage payments but before the property is advertised for sale. It is the first stage of a foreclosure process where the bank or mortgage company begins the process of collecting outstanding mortgage debt. During pre-foreclosure, your lender will send you a notice of default informing you that you are in default on your mortgage payments. The notice of default provides you with a specific amount of time to rectify the payment default, which is usually 30 days from the notice date. 2. Stages of Foreclosure After you receive a notice of default, and you’re unable to pay your mortgage, the bank will continue the foreclosure process. The process typically starts with an auction sale of your property, which is known as a sheriff sale or trustee sale.