Whether you’ve gotten a pre-foreclosure notice from your lender or come across a pre-foreclosure property for sale, you may be wondering, “What is a pre-foreclosure, and how does it affect you as a homeowner or a homebuyer?”
Getting the house of your dreams—or any house for that matter—doesn’t guarantee it’ll be secure from foreclosure. A crisis may occur, putting you in danger of foreclosure, particularly if your dream home requires big mortgage payments.
In the past, people would buy a home and live there for the rest of their lives, often passing it on to their families. However, things have changed now. Many first-time homebuyers are going into it with the attitude that they’ll sell when it’s time for a change.