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Published on Apr 23, 2009
Homeowners who are in danger of losing their homes through judicial foreclosure should not forget about the equity that always exists in a mortgaged property represented by the sum of the mortgage payments that the mortgagor no longer makes while the property is in foreclosure (and for several months before and after). This is so even if the property is worth less than the amount owed to the bank. The total amount of these monthly payments to be saved can be considerable, depending on (i) the number of total number of months of non-payment of mortgage; (ii) the regular amount of the monthly mortgage payment not being paid; and (iii) the legal costs to defend the foreclosure action. Attorney Carl Person explains how homeowners can extract this remaining, hidden equity while ultimately losing their home in foreclosure, and use this hidden equity to reduce or pay off their outstanding credit card balances and stop payment of 30% credit-card interest. CEPersVid-27