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Foreclosure in Ramsey : Real Estate Advice

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Activity 4
Mon May 12, 2014
Joel Johnson answered:
You should be fine as long as you show up at the designated location and time for the sheriff's sale. It wouldn't hurt to contact an attorney. Here's a name and number:
Thomsen & Nybeck
Brad Boyd
952-835-7000
... more
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Sun Feb 24, 2013
Alan Grizzle answered:
If you are in Georgia you have one year. You have to pay whoever bouth it back what they paid for it at the sheriffs sale plus 20%. Afther a year the new owner can foreclose on your right of redemption. ... more
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Thu Jun 14, 2012
Patti Ann Kasper answered:
In many cases, there will not be a deficiency judgement, but there are exceptions. As more and more homes go into foreclosure, servicers and their investors are getting aggressive about securing deficiency judgements whenever possible by doing a judicial foreclosure rather than a foreclosure by advertisement. This is especially true when the lender has some indication that you have the ability to pay.

As Chris stated, a short sale may be an option...

But that too has its issues. You may want to consider the tax consequences as well. In some, but not all cases, the IRS will waive the taxes on the "forgiven" mortgage amount. But the Mortgage Debt Forgiveness will sunset at the end of the year. http://www.irs.gov/newsroom/article/0,,id=254930,00.html
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Sun Aug 17, 2008
Lenny Frolov answered:
You need to find out if and when a sheriffs sale is scheduled, that will start the timeline. If there is an attorney on the paperwork you are receiving you can call them to find that out. ... more
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