foreclosure

The foreclosure auction for Michael Jackson’s Nerverland Ranch that was scheduled for this week was canceled after an investment company called Colony Capital LLC. bought the loan. Jackson hasn’t lived on the property for the past two years and is happy at the way things turned out. He recently had to go into default on the $24.5 million that he owes on the property and has struggled to pay his debts after his decline in finances after his arrest in 2003 on child molestation charges where he was later acquitted.

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4 Major Tips for homeowners facing foreclosure:

1. If someone will buy you out…take it!!! You save on losing your built up credit and it will allow you to save your credit score to get a house once things turn around. If you allow your house to go to foreclosure not only do you ruin your credit but it makes getting a house again much more difficult and you have to wait sometimes at least 5 years.

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