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Reasons Why Foreclosure Homes Exist

Foreclosure homse are the result of the government or lender taking back possession of a property, if the owner either defaulted on mortgage repayments or owes the IRS money.

• Owes the government money
  
• Owner has defaulted on mortgage repayments
  
• Divorce and neither joint owner will pay the mortgage
  
• The owner dies
  
• Loss of employment
  
• The owner can not sell the house, so they just leave it. This commonly happens in towns that become deserted when their main source of employment ceases to exist
  
• Owner is short of money
  

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