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Foreclosure: What happens when people can’t pay their mortgages
http://understandingthemarket.com/ ?p=31
How much does a lender lose when a homeowner stops paying a mortgage? Approximately half the value of the mortgage, assuming there was no fraud. This essay will sketch out how the foreclosure process works in the normal case and in the less common case of fraud. The argument presented below is a simplification of the actual process that I believe captures the important aspects; if you have any questions or find any errors please contact me here. The typical story (at least in the popular media, see here or just google for foreclosure) of a homeowner who cannot pay his mortgage goes something like this: an otherwise model citizen (let us call him Mr.
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