Katiegrrl0
Member
In most if not all states, the bank who loaned you the money is on the hook for the 15K, so that's a false argument. Even if you have to file for bankruptcy, are we lucky to have such provisions in the law to protect borrowers who made bad choices? Bankruptcy is not the end of the world, it's a chance at a fresh start. Lastly, rather than getting a loan to buy a new home, how about renting one? One that you can afford?
Not true the original debtor is on the hook for the difference in many if not most cases. That is why people hang onto their homes.
Again: Not in California, of that I am sure. You'll have to research the laws in your own state. If if you're on the hook, that's what bankruptcy is for. Either way, not my problem.
Why do you think the lender made a bad decision?
Lots of lenders (not all) made monumentally bad decisions lending money on homes and to investors they should not have. Again, not my problem. Let them eat the losses and let those banks that made smart loans take their market share.
Of course it's not your problem and that means everyone else was a fool and you don't really care what happens to the rest of the country. I see.