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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,869
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Another point is that the home may not have been direct collateral for the loan either. If they started a business they likely signed a blanket personal guarantee for business loans. So.....when the business fails to perform on the loans the banks say "liquidation time".
And for those that may not know, $450k in business debt is absolutely nothing.
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Cornpoppin' Pony Soldier
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