There’s a commonly held notion that losing one’s home to foreclosure is the final act in a sad drama, that the homeowner has hit bottom and has nowhere to go but up. But thousands of foreclosed-upon homeowners are finding out, years after turning their keys over to the bank, that they may still be on the hook — sometimes for hundreds of thousands of dollars. [More]
Since the housing market went smash-bang-crash into a deep ravine a few years back, we’ve written numerous stories of homeowners with mortgages they couldn’t pay — and some who could pay and chose not to — who opted to walk away and let the bank sell the house at a foreclosure auction. But if these people thought that they could abandon the home and have only a damaged credit rating to show for it, there’s a chance they could be very, very wrong.