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Politics : View from the Center and Left

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To: JohnM who wrote (140553)	7/10/2010 12:12:45 PM
From: Katelew	Read Replies (1) of 541674

Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment. If they're purposely dumping their property, that implies that they have the means to keep paying, they just consider it a bad investment. My question then is, can people do this with impunity? I would think the lender could sue and grab other assets held by that person or sue to garnish wages or some other form of recourse Is anyone here familiar with mortgage contract law? just as they would any sour investment. I wonder what this writer had in mind. Basically, there are only two kinds of investments. Liquid investments such as stocks, bonds, commodities can't be 'walked away from'. If an investment in these sours, one sells and takes the loss. Illiquid investments are generally real estate based and involve loans. One can't just walk away. It's a default and will be followed by legal action from the lender(s).

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