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Many people are walking away from their mortgage in a strategic default so that they can save money by not paying their mortgage during the long foreclosure process. This is happening so often that banks are changing their strategies. Recently, Bank of America changed its loan modification program http://www.cnbc.com/id/37471499The longest that we have seen a home owner remain in a home while not paying their mortgage was about 2 years. This long time was a result of both an apparent strategic default from the prior home owner and a delayed time in an eviction. Around Thanksgiving 2008 we were asked by … (0 comments)
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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