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  1. #1
    Join Date
    Dec 2007
    Posts
    1

    Default Is Foreclosure The Best Thing

    I am in the state of California, bought a house 2 1/2 years ago for $518,000 the house of comparable to mine are now selling at about $400,000. I have and interest only variable loan at 100% financing, in 2 1/2 years my interest will go up and I would have paid about $120,000 more in mortgage payments. I am thinking of just letting the bank foreclose the house and stop the bad investment. My question is, would the bank go after my other assets for the money they would loose after selling the house?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Is Foreclosure The Best Thing

    You should certainly expect that they will.

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