[lbo-talk] Another ignorant question on my part

Charles Brown cbrown at michiganlegal.org
Tue Dec 14 05:41:10 PST 2004


John Adams :

So, about this housing bubble: Let's say I default on a mortgage and the bank takes the property, and after they sell the property, they only get half of what I owe them. What happens to the other half of the debt?

^^^^^ CB: Legally, they can try to get that other half from you too. But often banks write it off as bad debt.



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