Homeownership dropped 8 to 10 percent across all age groups since 2000. People over 50 face a three-way trap: cannot sell, cannot refinance, cannot tap equity without risk. Never convert unsecured credit card debt into secured HELOC debt against your home.
Quick Answer: After a 2010 short sale, the homeowner faced a $46,000 judgment from First Citizens Bank for the remaining second mortgage debt, plus an $8,000 collection from Wells Fargo. The second lender refused to settle for less than 75% and obtained a judgment including attorney fees.“Dear Jared,I had to short sale one of my …
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