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Real Estate


Tom Kelly
Tom Kelly
The Real Estate Adviser
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May 4, 2006

The Real Estate Adviser: Beware of sharks at foreclosures

By TOM KELLY
Special to the Journal

Defaulting on your mortgage is one thing, but ending up in foreclosure is an entirely different feeling of loss, hurt, frustration and embarrassment.

Most residential lenders will tell you that consumers will do everything in their power to keep from losing their homes. (The exception would be calloused investors who walk away from mortgages when what they thought was a goldmine turns out to be a dud.) The prime reasons for default typically are unexpected — loss of job, death, divorce — situations that never can be predicated by a credit report or a loan application.


 
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