Pre-Foreclosure in Detroit

In a Detroit pre-foreclosure, a homeowner receives a Notice of Default, perhaps after missing several mortgage payments. In some instances, the Detroit homowner is able to catch up with the back payments and to continue to own their Detroit property. There are several approaches to obtaining a pre-foreclosure Detroit property. The basic premise is that in an effort to avoid the damaging effects of foreclosure on the Detroit homeowner's personal financial credit a negotiation out is a viable exit strategy. The owner sells the home for what is owed on the note and is given a dollar amount for relocation plus a portion of their equity. Detroit pre-foreclosure offers a very clean transition of ownership with very little risk as inspections may be conducted before closing. This method of acquisition does carry a viable profit margin as the home typically is purchased at a substantial discount to market.

Click here to find a pre-foreclosure property in Detroit