I can add this , The customer was a woman who was working towards a PHD . He husband split then with spite did cash advances to the tune of $ 40,000 . Here is the unfair catch the woman was paying her mortgage but could not pay the credit cards, then the credit card companies put a lien on property , Then I was told (& I believe it) The mortgage company called the loan with a request for full pay out , Causing the foreclosure , The house was amicably dealt with by the lawyers and woman with a vacating date, and sure enough house was sold from under her fast . The credit companies have leverage to destroy your life .
Now it's all over with, but I wonder if setting up a home as a - Homestead - would have protected it. Having young children in home might of changed the outcome also . But the housing market being soft probably also did not allow for a refinance . She only owed $42,000
but with the soft market house is worth around $60,000 to $70,000 It was a very very nice home
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Yes It puts the fear in me as I don't want some one here for the clean out.
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