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It depends on the state. In most states the bank can go after you in court. But California is an exception, and it also happens to be the state that had the b
by rsheridan6 17y ago
It depends on the state. In most states the bank can go after you in court. But California is an exception, and it also happens to be the state that had the biggest bubble.
- anamax 17y ago> It depends on the state. In most states the bank can go after you in court. But California is an exception, and it also happens to be the state that had the biggest bubble. CA's exception only applies to the purchase mortage. If you refinance, that lender can go after you for the difference. Note that you owe federal income taxes on forgiven debt. I suspect that most states with income tax do the same.