Walking Away Isn’t That Easy
The article makes a great point that I wasn’t aware of with people in California being able to walk away so easy which is frustrating to this individual who wrote in because so many made a fortune in CA during the boom.
“California is one of 11 states where lenders are prohibited by law from filing deficiency judgments against borrowers to collect the difference between what was owed and what was collected when the asset was sold. The others are: Alaska, Arizona, Iowa, Montana, North Dakota, Oregon, Pennsylvania, South Carolina, Washington and Wisconsin. But your worries may be unfounded. And besides, you may be able to work out a deal in which the lender agrees not to come after you.”