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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (63453)10/7/2006 3:16:44 PM
From: Travis_BickleRead Replies (2) of 306849
 
In the instant case the owner is down $1,100 per month and owes the bank $419k less his down payment.

There are two ways, and only two ways, out of that situation:

1. bankruptcy
2. go on a shooting rampage then blow your brains out

Any other purported solution relies entirely on the kindness of strangers.

The guy screwed up, he is finished. In Florida we have deficiency judgments, there will be no short sale, the bank will foreclose and he will have a lien against him for quite a bit of money.
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