Editor's note: Sometimes it pays to learn from others, and in today's real estate market lessons can come at a high price. This three-part series examines hurdles for homeowners facing foreclosure, buyers who are interested in buying those foreclosed homes, as well as options for standard borrowers looking to purchase a home. (Read Part 2, "Buyer beware: Foreclosure sales not for everyone," and Part 3, "Lenders still finding ways to finance home purchases, refis.") Wendy had a plan to sell off one investment property a year in the Sacramento, Calif., area to help pay for her daughter's college education. Kassondra, a painting contractor in Santa Cruz, Calif., put a lot of work into renovating the home she bought six years ago. Jeff, a single parent, bought an investment...
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