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Does the bank not come after individuals years later for owed debt via lawsuit? If not, walking away seems like a good idea.
by rhexs 6y ago
Does the bank not come after individuals years later for owed debt via lawsuit? If not, walking away seems like a good idea.
- Consultant32452 6y agoYour asset (home) is sold, and you owe the difference. The bankruptcy court decides a payment plan for you to pay back that difference. Usually you pay back pennies on the dollar. Sometimes you walk away clean.
- sagarm 6y agoIf you have a non-recourse mortgage, the bank is entitled only to the collateral (the house). Several states allow only non-recourse mortgages. https://www.quickenloans.com/learn/the-difference-between-recourse-and-nonrecourse-loans https://www.quickenloans.com/learn/the-difference-between-re...