I was wondering about seizures. When a bank forecloses on the property and then sell it for much less than the amount owed, the bank will then try to recover that amount, they have lost the original mortgage holder. Those who pay the mortgage, took a contract for a certain amount, and I do not think that there is a clause that states that “unless the bubble bursts or are laid off at work.” The banks only accept the loss?

It depends on the state and it also depends if it is a first loan, second or more. Some states have no right which the Bank is prevented by the law to go after the owner the balance of the mortgage market means. Some countries of the Bank is entitled to sue the owner, but to pursue often they keep to the first mortgage lender but on second mortgages, home equity (lines of credit mortgage), etc., often pursuing the owners for what they were.

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