Industry News

Upside down: Homeowners share lessons in foreclosure

Part 1 of 3: Navigating today's real estate market

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 property in Des Moines that he planned to rent out. And Dave bought several properties in downtown Atlanta that he fixed up, with plans to sell or rent. They share a predicament -- all of them got in...

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