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Question: Four years ago, we purchased a lot in the Arrowhead area of Peoria for $300,000. We paid a $20,000 cash down payment with a mortgage of $280,000. Although it has been difficult, we have kept the payments current on this lot until five months ago. Our neighbor is a real-estate broker, and she says that the lot is worth $80,000. The mortgage lender has now scheduled a foreclosure sale in three months. more…
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