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!
This post was last modified on October 2, 2011
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I guess they expect to get blood from a turnip.
This happened to an uncle of mine years ago with a car. He couldn't keep the payments up so he took it to the dealer and handed them the keys. The dealer then sold it for WAY less than it was worth to a friend and sure my uncle for difference between what he owed on the car and what the dealer sold it for.
That is weird since the car was not the dealer's to sell unless he paid off the contract. He had no title to transfer unless he did just that. I hope your uncle prevailed in that situation.
seems the link is down..
Your link is bad. Need a "L" at the very end.
Fixed. My apologies...
Heres the link:
http://globaleconomicanalysis.blogspot.com/2011/10/house-is-gone-but-debt-lives-on-expect.html
Nice to hear they will wait until you are back on your feet to "go after" you. No rest for the weary.