Phoenix AZ real estate and Scottsdale real estate has been declining in value. As a result, lenders have been less willing to loan money to refinance homes. Thus, foreclosures numbers are rising and banks are taking possession of real estate called lender owned real estate (REO). In order to combat growing inventory of bank owned homes, banks have established (with some pressure from our Federal government) loss mitigation programs to keep borrowers in their homes and stop foreclosure.
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Saturday, December 13, 2008
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