The Definition of a Pre-Foreclosure

Pre-Foreclosure refers to the period of time during the foreclosure process between when a lender files a foreclosure lawsuit or a notice of default in the official public records and the date the property is scheduled to be sold at a public foreclosure auction or trustee's sale.

What You Need to Know about Reinstating Loans That Are in a Default Status

Most lenders consider a loan to be in default when loan payments are 91 days or more past due.  Once a loan is in default, the borrower has a certain amount of time to cure the default by paying the loan payments in arrears, accrued interest, late payment charges, and legal fees incurred by the lender while the loan was in default.  All loans contain a borrower's right to reinstate after acceleration clause.  A lender's reinstatement or cure date is the last day that a mortgage or deed of trust loan can be brought current without having to pay it off in full.