Preforeclosure vs. Foreclosure: What’s the Difference and Why It Matters

When mortgage statements start piling up and late notices arrive in the mail, seeing words like “default,” “preforeclosure,” and “foreclosure” can trigger immediate panic. It is easy to lump these terms together and assume the home is already lost. But in real estate—and under the law—preforeclosure and foreclosure are two completely different stages in a […]