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Pre foreclosure is the last stage before a property is foreclosed. When the home owner gets behind on their payments, the lender files a public default notice to initiate the foreclosure process. The bank or lender is about to repossess the property unless the owner can make the payments that are due on the property. The owner is still in complete control of the home, and they usually have two or three months to settle the default amount of debt. If they are able to make the required payment, then the property will go back to its regular status.
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