Pre-Foreclosures: A pre-foreclosure is a property with late mortgage payments, and the lender has issued a Notice of Default (in non-judicial foreclosure) or a lis pendens (in judicial foreclosure New York) to the borrower. The borrower can still make payments and pay the loan amount due to stop a foreclosure. But, if payments are not made, the lender will move to foreclose. In a Judicial State like New York, on average, it takes 1,000 one thousand days for a property to actually go to a foreclosure auction. If you come across an advertisement displaying pre-foreclosures those properties are not necessarily for sale. The map below you can find all public distressed, pre-foreclosures, foreclosures, shortsales on the market.
Click HERE to view distressed properties in Long Island, Queens, Brooklyn, Bronx and Manhattan.
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