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With the high number of foreclosures that are presently on the market and are projected to hit the market there may be a way to keep your house and keep your credit. One other thing most people don't realize is that the investment wholesalers (the official term for the so-called "foreclosure vultures"), are in many cases loosely affiliated with the legal firms doing the foreclosure (Yes, it is considered a conflict of interest, but that is difficult to prove). As an appraiser who does foreclosure work, I have seen houses which have sold at 40% below the value of the property—only to be resold multiple times to end up with an investor who rents out the house for less than your old mortgage payment!
Don't let this happen to you. Call an appraiser when you know you're going to have trouble. The sooner the better, because the longer you wait the less money you'll get back.
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