Posted by Jim IL on February 26, 2001 at 19:48:35:
It would depend on how you define “Preforeclosure” I guess.
To me, when a seller is current on payments, but is stating cleraly that they CANNOT make any more payments, if they don’t sell, they are heading to foreclosure.
So, I kind of consider those the same, just an early catch.
I’ve had people give me their homes in a number of different sitations, but all of them ones that if SOMETHING was not done, eventually they would have been foreclosed.
Divorces where neither spouse can afford to keep the home.
Job transfer where the job is NOW, and they cannot afford to make the payments and pay rent/payments at the new location.
Whatever, the reason is usually debt relief in one form or another.
Just my $.02,