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Foreclosure in Salida : Real Estate Advice

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  • Home Buying6
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Activity 2
Sat Nov 2, 2013
John G. Johnston answered:
I live in Westcliffe, about an hour away. I might be able to help. Tell me more.
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Sun Oct 23, 2011
Todd Spiller answered:
Okay okay, sorry for the flip answer. (Broncos were loosing ugly at the time). I do see many agents though walking a thin line on this blog by offering speculative opinions. In the interest of being constructive there are several things for a Seller to consider including the long term impacts on credit, potential for deficiency judgement and obligations to other creditors. The Seller then would be wise to obtain the answers to these from qualified experts and to identify other pitfalls and/or advantages such as a financial incentive from the lender, prior to taking this course of action.

Thanks Paula for offering more information and clarification on your situation.

As an aside, it might be a good idea for lenders to set up a property management division and put 'under water' properties into a pool for rent (no pun intended). If the current borrower can rent, give them an opportunity to lease and option to purchase at market or maybe cure the debt at a later date. Lenders could use local management companies for day to day leasing responsibilities.
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