Quote:
Originally Posted by KSigkid
That was my understanding as well. I don't have much experience with foreclosures (thank goodness), and I think it depends on state law, but I thought that other assets could be attached to satisfy the remaining mortgage amount (which I believe is called a "deficiency judgment").
|
I'd be very worried about simply "giving up" on the mortgage and relying on the insurance to kick in, as well - not only is this a run on the bank of sorts, but I wouldn't expect the insurer to take it lying down, and given their litigation strength as a collective, they may just find a method of recovery.