Comment about: Foreclosures Jump as Moratorium Ends
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| July 28, 2010 | | Not a likely result for most homes | | The servicer for the mortgage loan will generally pay taxes and buy insurance on the defaulted properties to preserve the "asset." These fees, with interest and penalties, are added to the debt on the borrowers' credit records -- and attempts to collect may be made if the property is not "non-recourse" eligible. Most tax deeds in Northern Arizona are for properties purchased for cash years ago in highly speculative areas of mostly worthless bare land. | |
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