Quote:
Originally Posted by rowan
So this means you pay the bank $150k + fees and the homeowner $5k? After paying off $100k worth of the loan (when he was solvent) he's left with $5k cash and no house? Hardly seems fair.  Then again, if I ever thought I'd be getting into that situation I would have had the house on the market well in advance so I could sell it on my terms and come out with at least a bit of cash. |
Yes, I agree but the problem is that he will walk away with ZERO if his home does not sell. Not only that, but his credit rating will be in the toilet which more or less makes it impossible for him to buy anotherh ome anytime in the near future.
Remember, sometimes it's better to bite the bullet and walk away with your credit rating to save your ass then to walk away with beyond nothing and owing the world. It happens every fucking day may it be due to divorce, job loss, drug addiction, etc.