When a property enters pre-foreclosure, the owner usually has at least 2-3 months to pay off mortgage debts and reinstate the property. If the owner pays off the debt, the reinstatement stops the foreclosure process, so it’s important to find out if a property has been reinstated before proceeding.
The best way to check if the property has been reinstated is to call the trustee or attorney assigned to the foreclosure. RealtyTrac subscribers have access to the trustee information for pre-foreclosure properties posted on RealtyTrac. The trustee cannot typically answer other questions about the property; they can just let you know if the property is still in foreclosure or not.
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