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Originally Posted by corporatejay
Because while a judgment might be a judgment, the facts surrounding how you got here can provide you with different options on how to deal with your situation.
This is why giving advice on the internet is tough, because really, all issues are different and there are hardly any black and white answers.
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Fair enough...Hey, I'm not a lawyer...was just curious why it would make any difference. I would have thought a judgement is a judgement, regardless of how it got there.
Quote:
Originally Posted by Uncarved
As far as i know a lot of times the Morgage compnay won't come after you for the extra 80K. If they do there could be a much higher chance of you filling for Bankruptcy and then they get nothing and end up eating all their legal fees because of it. Now this would be an exception if you owned multiple houses, or had enough to cover the $80,000 in assets that you owned. I think after the forcloser that they have up to 2 years to file a claim against you to reap the benifits.
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But, if they are worried about someone filing for bankruptcy and losing all the money, then don't they care about the money in the first place? Wouldn't they come after me to get it? I guess I just don't understand the reasoning here.