The Residential Real Estate Crash Index Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Jim McMannis who wrote (11501)	7/7/2003 9:14:10 PM
From: Elroy Jetson	Read Replies (3) of 306849

Actually people in Texas didn't just put the keys in the mailbox, not if they had assets or an income. Texas is a Mortgage state rather than a Trust Deed state. In a Trust Deed state like California people lose only their property and equity in a downturn. In a Mortgage state like Texas if the home is worth less than the mortgage the ex-homeowner owes the bank a Deficiency Judgement for the balance unless they file for Bankruptcy protection. A friend of mine lost his home in Dallas during the last downturn and owed the bank an additional $118k after losing the home. Being a well-paid attorney with a new job in Los Angeles he had to pay every penny.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next