preforeclosure sale

Definition

A procedure in which a lender allows a mortgagor to avoid foreclosure by selling the property for less than outstanding balance of the loan.

Use preforeclosure sale in a sentence

You may want to go to a preforeclosure sale because you might be able to get some really great deals.

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After my brother lost his job and was unable to make his mortgage payments, his bank agreed to sell his home to my father in a preforeclosure sale.

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In 2008 and 2009 there were many preforeclosure sales taking place across the country as homeowners tried to unload underwater homes to whomever would buy them.

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