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

To: DebtBomb who wrote (172444)	12/18/2008 10:00:10 PM
From: posthumousone	Respond to of 306849

<<Perhaps the biggest risk is that the lender will come after your other assets or garnish your income.>> I thought this wasnt a risk because home loans are non-recourse?????????????? Will never happen. Imagine a bank trying garnish real estate agents commissions. Or Joe the Plumber under the table deals. He's not even paying the IRS...think a bank can do anything? <<Restoring your score to a level where you would qualify for credit at reasonable terms would take a minimum of three years even if you kept up with other credit obligations, Dornhelm said.>> three years seems like nothing for a foreclosure <<Another reason not to walk is that housing prices may recover.>> Who cares....most have already bought a new cheaper house anyway before they foreclose.