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Before attempting to buy a home after foreclosure, it is important to educate yourself on the necessary steps, and improve your odds of getting approved. Certain situations are extremely damaging to your credit report. These include bankruptcy, foreclosure, repossession, etc. Fortunately, you can rise from a bad credit situation. Here are a few tips to help you get approved for
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Foreclosures are on the rise nationwide, and the Phoenix, Arizona area, including greater Maricopa County, is not immune from this trend. There are over 0 BILLION worth of mortgages in foreclosure right now, nationwide. This is a staggering statistic. Those in this unfortunate situation often have to try to sell their house, but can find it impossible to do before
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Many home buyers opt to purchase a foreclosed home because of
the savings. Properties are foreclosed when a homeowner can no
longer afford to make the mortgage payments. After three months
of non-payment, the lending institution will reclaim the
property, and resell it to another buyer at market value. Some
foreclosed properties are in bad condition; however, if you can
locate a foreclosed home in good
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