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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (4813)8/29/2002 10:51:19 AM
From: GraceZRespond to of 306849
 
Oooops....that's what I get for making one of these posts while I'm trying to do something else. The mortgage in my example would be 400K and the payoff 390-395K so the person would have to come up with an additional 120K not 220 (390-270=120k) on a 40% drop in sales price.



To: GraceZ who wrote (4813)8/29/2002 11:29:40 AM
From: jjs_ynotRead Replies (1) | Respond to of 306849
 
Texas and California used to have very consumer friendly laws that allowed mortgage satisfaction, with some restrictions, by just giving back the deed. The bank was then on the hook for any unpaid balance of the note upon sale. They could affect your credit, with limits.

I believe both states have subsequently modified their laws after the S & L debacle and thus going to foreclosure is now much more punitive in both states.


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