Quote:
Originally Posted by raulus
Brilliant strategy!!
I guess they don’t realize that their accounts are almost certain to be bought in bankruptcy, and the new owners will squeeze them to get paid.
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I still have difficulty wrapping my head around this but my mom had a friend when I was growing up who's mortage company went bankrupt - that was the end of the mortgage. It didn't get bought out!
. About half the original purchase price was wiped out. This was early 1990s in Kansas. I don't know the mortgage company name.
Seems the odds of this happening again would be nearly zero