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Like any usual auctions, REO auctions begin along with a minimum purchase. This minimum bid will be equal to mortgage and other expenses the bank had up-to-date for this property. For those who are the successful bidder, you'll get the house in an "as is" condition. Which means that someone must be residing at home. But in most cases, the house is not bought in the price the bank wanted it to. Thus it goes to the bank and becomes REO also known as real estate property properties of the personal loan company.

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This is the place I discovered why this attorney, and likely yours, is having trouble defending this location. The problem is that have to owe somebody money for your residence. You must complain which don't owe money to the company that is suing you.

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