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]
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![(Nick Bastian, Tempe AZ)](../../consumermediallc.files.wordpress.com/2013/06/bankowned.jpg?w=240&h=180&crop=1)
Losing Your House To Foreclosure Doesn’t Necessarily Mean You No Longer Owe Money To The Bank
![More Banks Going After Strategic Defaulters To Get Back Balance Of Unpaid Mortgages](../../consumermediallc.files.wordpress.com/2012/06/foreclosedflagyard.jpg?w=161&h=225&crop=1)
More Banks Going After Strategic Defaulters To Get Back Balance Of Unpaid Mortgages
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. [More]