" wrote:

On Thu, 23 Dec 2010 03:31:27 +0000 (UTC), Tegger wrote:

harry wrote in news:da79305b-4d70-45fc-a7f8-

In most of the US, you walk away from it and incur no penalty other than
forfeiting what little equity you might have. That's a consequence of law.

That's a lie. Under any foreclosure (and handing the keys in to the bank is a
foreclosure) the borrower is *still* responsible for the entire loan, unless
discharged in a bankruptcy (which is difficult to do).

Be a little slower with the term "lie". He might merely be mistaken. But he's
not, entirely. It varies from state to state. My state, Texas, is a
non-recourse state. They can foreclose on the house, but can't come after you
for the balance. There are other states as well. See
http://www.realinvestortips.com/blog...ency-statutes/

-- Doug