Fellow walks away from mortgage; a year later, is hit with a judgement for $192,000. Forty-one states allow lenders to sue for mortgage debt if a home fetches less than the mortgage in a foreclosure sale. They’re called “deficiency lawsuits” and they’re giving rise to a new industry, companies that buy banks’ soured mortgages and sue the borrowers for the remaining debt. Lawsuits, the Democrats’ favorite type of entepreneurship!
Author: Bonfire of the Absurdities
After 35 year career writing software for IBM mainframes, am now self-employed contractor thinking of joining a union and striking for higher wages. Cured morbid fear of heights when I learned to look at them as lengths standing on end. Uncompromising in refusal to accept browser cookies. Amateur investor who has accumulated a small fortune in the market after starting out years ago with a large one. For recreation, I run, hike, kayak and play tennis but will not consider synchronized swimming under any circumstances.
View all posts by Bonfire of the Absurdities
