This new pre-foreclosure phase is actually stage certainly courtroom proceedings for the regard to a troubled possessions. If the house is on the foreclosures techniques, there clearly was a high chances it can eventually get repossessed by bank or mortgager. Which observe recommendations the newest borrower’s deal words, allows them understand they truly are inside default to possess low-payment, and that their lender has started the fresh new courtroom procedure into the foreclosure. This is exactly even the most crucial phase regarding foreclosures procedure.