Foreclosure may not be enough any more.
An underwater homeowner decides to walk away from his house, which then goes into foreclosure. The bank takes the house and then sells it. End of story, right?
Maybe not. Some banks are suing “strategic defaulters” for the amount of money they lost!
Joseph Reilly lost his vacation home here last year when he was out of work and stopped paying his mortgage. The bank took the house and sold it. Mr. Reilly thought that was the end of it.
In June, he learned otherwise…