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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (46464)12/2/2005 5:57:44 PM
From: mishedlo  Respond to of 110194
 
yes



To: ild who wrote (46464)12/2/2005 6:04:51 PM
From: SeaViewer  Read Replies (3) | Respond to of 110194
 
No. A few guys living in million $ houses already told me that they could park their money in an off-shore account, and walk away from their houses, since they used 100% IO loans. They called me silly for not living in a better place and playing the game. If the housing price goes up, they pocket the gain. If it falls, they walk.



To: ild who wrote (46464)12/2/2005 6:29:19 PM
From: Ramsey Su  Read Replies (2) | Respond to of 110194
 
walking away from a mortgage does not necessitate a bk, just a walk. <ggggg>

Seriously, most states are known as trustee's states, such as California. Basically, the formal act of foreclosure is by conducting a trustee's sale, after filing all the notices. With a trustee's sale, the beneficiary can only go after the property and cannot go after the borrower for any deficiencies.

Whether the borrowers file BK is irrelevant in terms of recovery.


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