What Does Pre Foreclosure Mean On Zillow - In other words, the homeowner probably missed at least three mortgage payments, but still owns the home. Web all that that means is that the current homeowner has been served with what's called a notice of default notifying them of the bank's intentions to begin foreclosure proceedings, usually because of late payments, and it's just the beginning of a process that can literally take years. The lender submits a copy of the default notice to your county recorder’s office, and it typically publishes notification in a local newspaper as well.
In other words, the homeowner probably missed at least three mortgage payments, but still owns the home. The lender submits a copy of the default notice to your county recorder’s office, and it typically publishes notification in a local newspaper as well. Web all that that means is that the current homeowner has been served with what's called a notice of default notifying them of the bank's intentions to begin foreclosure proceedings, usually because of late payments, and it's just the beginning of a process that can literally take years.