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Don't Walk Away, Renee
Topic Started: Feb 3 2010, 04:47 PM (114 Views)
QuirtEvans
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I Owe It All To John D'Oh
http://money.cnn.com/2010/02/03/real_estate/foreclosure_deficiency_judgement/index.htm
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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brenda
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..............
Quote:
 
Strategic defaults
Sometimes lenders go after borrowers walking away from their homes if they have other assets, according to Florida real estate attorney Larry Tolchinsky.

"Banks are pulling credit reports to see if it's a strategic default," he said. "If you're behind on all your other payments, you're okay. But if you're not, they'll come after you."


After reading the threads about strategic defaults, I'm not surprised to see this. Not every state allows it though.
“Weeds are flowers, too, once you get to know them.”
~A.A. Milne
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QuirtEvans
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I Owe It All To John D'Oh
brenda
Feb 3 2010, 04:51 PM
Quote:
 
Strategic defaults
Sometimes lenders go after borrowers walking away from their homes if they have other assets, according to Florida real estate attorney Larry Tolchinsky.

"Banks are pulling credit reports to see if it's a strategic default," he said. "If you're behind on all your other payments, you're okay. But if you're not, they'll come after you."


After reading the threads about strategic defaults, I'm not surprised to see this. Not every state allows it though.
Yes, in some states, first mortgages are non-recourse (meaning you can't chase the borrower, only the collateral) by law.

I'm not sure that applies to second mortgages, though.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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