Failing to keep up with your mortgage payments will not just risk foreclosure but will also make life extremely difficult for you. If you are unable to pay your mortgage and not able to renew your mortgage, take out a loan or apply for a low interest rate credit card due to your credit score being impacted from missed mortgage payments, this can impact your financial plans and put your life on hold for years. The pre-foreclosure stage is the initial stage of the foreclosure process when your bank has taken legal action by hiring a lawyer to assist the bank to ensure a speedy and effective resolution of the banks defaulting mortgages. The bank’s lawyer will issue you a demand letter demanding payment for either your missed mortgage payments, acceleration and demand for the full mortgage balance, a combination of the two or a demand for the full balance of the mortgage after the mortgage has matured and note events of default. If you can not or have not met the demands of the demand letter and after the demand period expires, the foreclosure proceedings will continue against you in Supreme Court.