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Originally Posted by clickhappy
I dont understand how forclosures can happen in California on residential property. The market is so hot, if you were about to lose your home wouldn't you just put it on the market and sell it and pay off your mortgage? And at least save your credit and put some bucks in your pocket?
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Depends on how long you've owned your home. If they've been in for a short period of time and are paying interest only, it's very likely they have zero equity and if they overpaid (which is happening a lot in hot areas) they owe more than they can sell it for.