What is a pre foreclosure for?

A pre-foreclosure is the stage in the foreclosure process that occurs after a homeowner has defaulted on their mortgage payments but before the lender officially takes possession of the property. During this period, the homeowner typically receives a notice of default, signaling the need to either catch up on missed payments or negotiate with the lender to avoid foreclosure. It often presents an opportunity for homeowners to sell the property and pay off the mortgage or for potential buyers to purchase the property at a lower price.