In response to our editor's article on the downtown condo building boom, Taylor's Iron Curtain trapping city kids within his undisciplined and failing schools is one important reason why they won't come.
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Although it may seem as though the bank would actively want to pursue the foreclosure and get it off the books, so to speak, many large lenders are working on hundreds or thousands of foreclosed properties. Many of the owners will simply give up on the home or be too frightened to ask for more time. The ones that are seriously looking into ways to stop foreclosure, though, will be able to convince the bank that they deserve more time. The bank would willingly offer more time to solve the problem, and it is easy enough to postpone the foreclosure auction. The extra fees and interest will just be added to the balance in the end, anyway, and be counted as an even larger tax deduction for the lender.
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Posted by: John | December 06, 2007 at 04:26 AM