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Registered
Join Date: Feb 2007
Location: New York, NY USA
Posts: 4,269
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Wouldn't he be better off selling it for what he can get, then walking away from the difference? (Not that is the right thing to do..)
Imagine all the expenses to the bank by taking possesion and then re-selling a boarded up house? The greater loss would only make the outstanding loan larger and make the problem worse.
Maybe it makes no difference?
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