Thursday, January 28, 2010

After Foreclosure, Lenders Go After Former Homeowners For Unpaid Balances

Amid a crisis that stripped $6.4 trillion, or 28 percent, from the value of U.S. residential real estate since the 2006 peak, lenders are exercising their rights to pursue unpaid mortgage balances. To get their money, they can seize wages, tap bank accounts and put liens on other assets held by debtors.
From Bloomberg, "Lenders Pursue Mortgage Payoffs Long After Homeowners Default" By Kathleen M. Howley.

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