I have a friend in a similar situation. I wonder what happens when you have those piggyback loans: one for 80%, then another for 20%… I wonder if the bank can still go after you for the second loan.
My friend is a young woman who bought in San Bernardino county in Feb or Mar 2006, and she was motivated almost exclusively by expected future appreciation. (I didn’t know her then). She’s an immigrant, and I wonder what would happen if she tells the bank, “hey, I can’t afford the mortgage payments any more and I’m going back to my country for a while; here are the keys, and good bye.”
