chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 14, 2007
- Messages
- 5,072
There have been many discussions about homes and related finances over the last several years. A few years ago when "strategic defaults" began happening there was a lot of speculation about what might happen.
Apparently it is starting to happen. banks are trying to recover the difference between the sale of the foreclosed home and the mortgage. It is no surprise with the huge mortgage problem at the banks.
There are a lot of people that are underwater on their homes. So this article may be helpful in understanding how banks might respond to certain types of action.
Apparently it is starting to happen. banks are trying to recover the difference between the sale of the foreclosed home and the mortgage. It is no surprise with the huge mortgage problem at the banks.
There are a lot of people that are underwater on their homes. So this article may be helpful in understanding how banks might respond to certain types of action.
House Is Gone but the Debt Lives On - WSJ.comLEHIGH ACRES, Fla.—Joseph Reilly lost his vacation home here last year when he was out of work and stopped paying his mortgage. The bank took the house and sold it. Mr. Reilly thought that was the end of it.
In June, he learned otherwise. A phone call informed him of a court judgment against him for $192,576.71.