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Got Behind on Mortgage |
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FRIEND OF MY SON'S GOT BEHIND ON MORTGAGE AT TAX TIME. HAD MONEY TO CATCH UP LATE PAYMENTS AND INTEREST . REPRESENTATIVE TOLD THEM TO JUST WAIT . NOW COMPANY BOUGHT OUT MORTGAGE DEMANDING LATE PAYMNTS INTEREST AND LAWYER FEES OR THEY WILL FORECLOSE ON THEM. WHAT IS BEST COURSE OF ACTION? |
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Best course of action is to pay all the money or they will indeed lose the place to foreclosure and ruin their credit rating. I don't think it will help if they point out that a representative gave them bad advice. If they can't come up with the money, and if the property can be sold for enough to cover the debt, they should put it on the market promptly at a non-nonsense price for a quick sale. |
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Edith
Originally published on September 11, 2007 |
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