On Thu, 23 Dec 2010 20:43:15 -0600, "
wrote:

On Fri, 24 Dec 2010 01:33:56 +0000 (UTC), Tegger wrote:



Nope. Buyers lose their equity, and their credit rating tanks, but
they're still off the hook for the remainder. That's how the banks ended
up with so many "foreclosed" properties on their books.

You're simply *wrong*. You really haven't a clue. Just because you turn in
your keys doesn't let you off the hook for the remainder of the contract,
unless the lender *allows* it. Often they will (short sale) so they don't
lose even more, but they're under no obligation to unilaterally release you
from your obligations.


You're both wrong. Depends on the state.
Look up "deficiency judgement."

--Vic