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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: cherrypitter who wrote (41120)3/31/2005 2:59:54 AM
From: Elroy Jetson  Read Replies (1) of 206212
 
The only home owners who can "fulfill their mortgage or trust deed obligation" by giving their home back to the bank are:

a. ) those who have only their original "purchase money loan" (ie have not refinanced or added additional debt since purchasing their home);

b. ) AND, only if their property is located in a state like California which bars the recovery of deficiency judgments (the amount of the mortgage which exceeds the home's value when it is sold by the bank.

Those, like yourself, who imagine they can simply give their house back to the bank and avoid further financial obligation are completely mistaken.
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