Pre-Foreclosure FAQs

If you're in pre-foreclosure in Milwaukee and the surrounding areas, you may still have options to protect your home and financial future. Our experienced team is here to help you understand your situation, communicate with your lender, and explore potential solutions, including loan modifications, short sales, or other alternatives to foreclosure. We’ll guide you every step of the way to help you make the best decision for your needs.

For more details and answers to common pre-foreclosure questions, review our Pre-Foreclosure FAQs below.

  • Pre-foreclosure is the initial stage of the foreclosure process that occurs when a homeowner defaults on their mortgage payments. It typically begins after a borrower misses three consecutive monthly payments, prompting the lender to issue a notice of default.

  • The duration of pre-foreclosure can vary from weeks to more than a year, depending on state laws and court proceedings.

  • Homeowners in pre-foreclosure have several options:

    1. Negotiate with the lender to create a repayment plan

    2. Seek a mortgage forbearance

    3. Sell the home as a short sale

    4. Pay off the outstanding debt to avoid foreclosure

  • Pre-foreclosure is a warning phase where the homeowner still has opportunities to resolve the debt. Foreclosure occurs when the lender takes legal possession of the property and proceeds to sell it at a public auction.

  • A home enters pre-foreclosure when:

    1. The borrower breaches their mortgage terms (usually by missing payments)

    2. The lender issues a notice of default

    3. The notice is filed with the court and becomes public record

  • Yes, homeowners can potentially stop pre-foreclosure by:

    • Contacting their mortgage servicer immediately

    • Arranging a repayment plan or loan modification

    • Selling the home

    • Paying off the outstanding debt