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Well, there are 7 foreclosed homes on my street right now and I personally know at least 4 others who have let their houses go and nobody has gone after any of their other assets. I do know that the person who had their house foreclosed on next door to me, before I bought my house, did have that happen and she filed bankruptcy and got out of it. I imagine that's what they would do. My next door neighbor went to bankruptcy court today. Bottom line is, you can't get blood from a turnip. These folks aren't going to have many assets in 6 months or so. Would it end up costing the insurance companies more in court costs than they could recover themselves?
As for finding another job, there aren't any. Unemployment is approaching 10% and it's going to get worse before it gets better. The plans being submitted to Congress include more cuts as well as significant pay cuts for those who are working.
I can't predict how many people will do what I outlined, but the gal I work with whose husband is at Chrysler headquarters said that several of the guys who took the buy out from her husband's department were planning to do that. But, even if they don't do that, there is a good chance they'll lose their house anyway. They may just lose it after they've spent their whole buyout.
My biggest concern at this point is that my ex-husband will lose his job and I'll be paying him child support.
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