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The www.FedPrimeRate.com Personal Finance Blog and Magazine

Wednesday, August 04, 2010

I Thought I Bought A Foreclosed Property, but In Fact I Bought a Worthless Piece of Paper!

I Thought I Bought A Foreclosed Property, but In Fact I Bought a Worthless Piece of Paper!As you might imagine, with the nation in the grips of a foreclosure epidemic, banks are very eager to unload mortgages gone bad. They'll do whatever's legal to recover whatever they can from a foreclosed home. Doing what's ethical? Irrelevant!

Take, for example, the Strand family in California. They took close to $98,000 out of their paidoff house and bought what they thought was a foreclosed property at a courthouse auction. In fact, they bought a second mortgage -- a useless piece of paper -- and were left with virtually no recourse.

The Strands were smart enough to get the media involved, which, of course, led to the bank suddenly being open to negotiating a settlement.

Click here to read the full story. It's a good read.

Fore some good tips on purchasing a foreclosed home, visit this page.

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