What is Pre-Foreclosure?

Pre foreclosure is basically a grace period in which you can bring your mortgage current before the lender forecloses and takes your home.

Time Period

How long the pre foreclosure period lasts depends entirely upon the laws of your state. In some states, the period can be as long as 6 months while, in others, the period is much less than that. For detailed information about the pre foreclosure period in your locality, you should contact a professional who is familiar with the laws of your state.


  1. Bring the loan up to date by paying off any arrearages or fees.
  2. Sell the house. You can put the home on the market and try to sell it before the foreclosure proceeds. For most people this will be a last resort, but remember that time may not be on your side.
  3. Obtain a Loan Modification. Contact your lender about loan modification programs. These are becoming quite common and if you are still in pre foreclosure this will effectively stop any foreclosure proceedings as they make a determination on your case.

As a difficult as it may be, remember to always stay in close contact with your lender.