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Reply #6: it can't happen [View All]

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Home » Discuss » Topic Forums » Economy Donate to DU
northernlights Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-15-08 08:57 PM
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6. it can't happen
one of the very few regs they left in place.

Unless you have an apartment building and reside in one of the apartments. But that would be a commercial loan, not private residential. It actually happened back in the 80s to someone at work, when his property values fell below the amount of the loan. He'd never missed or had a late payment, but they demanded $20K or so to bring the amount owed down to the amount loaned. He didn't have the cash and lost his investment and home. Plus his tenants ended up with a bank as landlord.
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