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Foreclosure in 91301 : Real Estate Advice

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Wed Apr 13, 2011
Diane Wheatley answered:
Dear Allison,

Be sure to review your approval letter from Chase and the conditions of the lien release they agreed to. If this is a first trust deed on your primary residence you should have no further obligation. I've had many clients receive invoices and statements from their mortgage holder in an attempt to collect money from the borrower in hopes that they won't know any better and simply pay it.

But to be absolutely sure, you MUST consult with a real estate attorney and a tax consultant so that they can properly review your final documents, agreements and the terms of the invoice or statement you received from Chase. They will be able to tell you if you have any further obligations or not. Not likely that you do. Good luck!

Diane Wheatley, Broker
diane@moveupproperties.com
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Wed Jan 19, 2011
David Chiles answered:
Thank you for your question about tax lien foreclosure properties.

If you are looking for a possible investment I recommend using RealtyTrac.

Please be advised that I rarely recommend using RealtyTrac, however, the information they provide is necessary to 'level the playing field' because professional investors have saturated the auction market.

Based on my education and experience it is very hard to 'get a good deal' at an auction because professional investors know what to bid and when to stop bidding.

RealtyTrac provides loan and lien information on prospective properties. Loan information helpful because you still have to clear the loans. Furthermore, there database can show you comprable properties in the area that have outstanding liens.

If you do decide to sign up for RealtyTrac please do not forget to cancel when your free trial ends or when you find a property because they will continue to charge your account.
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