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Often, the preforeclosure period is the best time to purchase a property.
Preforeclosure begins when a lender first notifies a borrower that his or her loan payments are behind. This notification also details the consequences that occur if payments, penalties and interest are not brought current.
In most cases, a foreclosure severely limits a borrowers future credit options. Therefore, if a borrower has no other means to bring the payments up to date, he or she is far better served to sell the property rather than to let it go into foreclosure.
If you're interested in the property, contact the borrower/owner as soon as possible. For your convenience, this contact information is located under the property's "Foreclosure Information" header.
Carefully explain that you can help him or her avoid foreclosure by purchasing their home before it is lost to the lender.
Your timely assistance can be very important. But, be sensitive to the difficulties they are facing and be prepared to close quickly.