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Foreclosure vs Preforeclosure - What's the difference?

foreclosure | preforeclosure |

As nouns the difference between foreclosure and preforeclosure

is that foreclosure is (legal) the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments while preforeclosure is the stage at which preparations are made for foreclosure.

foreclosure

English

Noun

(wikipedia foreclosure) (en noun)
  • (legal) the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments
  • preforeclosure

    English

    Noun

  • The stage at which preparations are made for foreclosure
  • *{{quote-news, year=2007, date=October 14, author=Christine Haughney, title=Brooklyn: A Bargain Hunter’s Guide, work=New York Times citation
  • , passage=Typically, owners who have missed three mortgage payments or more and whose lenders have filed suit are considered to be in preforeclosure . }}