- July 31, 2008 at 5:54 pm #260986
Whether or not the bank can sue you after foreclosure depends on what state you are in. In California, Arizona (possibly) and Nevada, for example, thousands ofpeople are justwalking away from their homes or investment properties and state law protects these people so that they cannot be sued forthe difference between what it sells for and what the bank gets for it. In fact I have cousins who did just that (I love that family, but am very troubled by the fact thatthey didn'teven try to work something out with the bank).
Even worse, some people are TRASHING the properties and stripping all valuables including some cases the copper wiringout of some kind of sick, misplaced anger at the 'big bad evil banks' (as if they were forced to sign subprime loan papers atgunpoint? Sheesh) and thesepeoplearen't getting sued, punished, or arrested fortheft and vandalism,either.
Regardless of whether your state protects you from being sued by the bankI agree with others who suggest searching for an alternative to foreclosure because it is going to trash your credit worse than bankruptcy and haunt you for many, many years to come.
- You must be logged in to reply to this topic.