What is a pre‑foreclosure review?
A pre‑foreclosure review ensures all alternatives have been explored and that the servicer has followed Freddie Mac’s requirements before initiating foreclosure. This review protects borrowers and ensures foreclosure is used only as a last resort.
Related FAQs
- Can foreclosure be paused?
- Why do servicers evaluate borrower capacity during delinquency?
- What is a loss mitigation plan?
- Why does Freddie Mac require servicers to document borrower communication?
- What is a foreclosure alternative?
- What is early delinquency intervention?
- Can delinquency be resolved without formal assistance?
- What is a delinquency notice?
- Why do servicers ask about hardship reasons during delinquency?
- How does delinquency affect credit?
- What is a deed-in-lieu of foreclosure?
- What is a short sale?
- Can foreclosure be avoided?
- What is a repayment plan?
- What happens when a loan becomes delinquent?
- What is reinstatement?
- Can delinquency be resolved without long-term consequences?
- How soon does the servicer contact borrowers after a missed payment?