The Time Has Come to Fight Foreclosure:

In this difficult real estate market, many investors are advised to just turn in the keys and walk away from a property they can’t afford. The lender will record a notice of default and if the borrower doesn’t cure the arrearage, a notice of trustee’s sale will be calendared and the property will be sold at a foreclosure sale.

In many states the lenders (or, in future years, those bottom feeders who buy such judgments for cents on the dollar) will pursue the borrower for a deficiency judgment. Meaning if you owed $400,000 on the loan and at the foreclosure sale the lender only received $100,000 back, you still owe $300,000. Years later, in some states, you will still have someone chasing you for the money and your problems will continue long past turning in the keys on a failed investment. READ FULL ARTICLE

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