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These days, while the bank is going to ask for the money to cover their loss, they will more than likely sell the debt. They will not waste time trying to collect a debt when there are no assets to go after. Over the course of the next few years your debt will get resold and resold and if you luck out you will make it past the statute of limitations to collect the debt. Depending on where you live the statute of limitations is anywhere from 3-15 years.
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