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Countrywide: Foreclosures Double

Filed under: Business,Finance,Real Estate — Paddy Wallbouncer @ 12:55 pm 2008 January 9

Now who’s side is Countrywide on? The foreclosure process happens when the borrower of a property has missed a few payments. Depending on the individual state laws, there is a timeframe of weeks or months before the bank can begin foreclosure proceedings. During this time, a foreclosure investor can come in and take over the payments on the property and perhaps even give the original borrower a little cash as s/he walks away. Everybody’s happy.

Now Imagine the same scenario except (more…)