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Old 08-04-2010, 06:27 PM   #3 (permalink)
harveyc
Been nuts, gone bananas
 
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Location: Isleton, Calif
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Name: Harvey
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Default Re: California Real Estate

Yes, not everybody has been greedy, but greed is a big part behind the escalation of prices. I also suggest that your friend's wife's willingness to walk away from the obligation is also a form of greed.

FYI - in California if a borrower refinances their mortgage and later "walk" on the obligation, the lender can obtain a deficiency judgment against them for the shortfall between the home's value and the loan balance. If the loan is the original loan used to purchase the home, the lender is not able to seek a judgment against the borrower.
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