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Posts: 153
I hadn't heard about this -- banks can sue people for the shortfall when their foreclosed homes sell? -- (link)
Posted by
amanda jones (aka amanda)
Oct 13 '11, 06:11
(No message)
they couldn't pay their mortgage. suing seems so smart.
(online.wsj.com)
Responses:
I'm sure they don't bother if the person is truly broke. But if they have other assets, properties, it might be worth it to them. -- nm
-
loosilu
Oct 13, 06:43
4
"nvestors know that most states allow up to 20 years to try to collect the debts, ample time for the borrowers to get back on their feet" -- nm
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amanda jones
Oct 13, 06:51
3
good god, imagine that hanging over your head. -- nm
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Andie
Oct 13, 06:51
2
[deleted]
1
And people wonder *why* the Wall Street protesters are pissed off? -- nm
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znufrii
Oct 13, 06:57
[deleted]
I remember reading about this last week, I think they are mostly using this as a tool against "strategic defaulters" -- nm
-
znufrii
Oct 13, 06:16
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