Yes, hence, I think sellers will be resistant unless the bank switches to judicial foreclosure in an attempt to saddle the defaulter with debt payments.
I wonder if the banks will wake up and realize that $200,000 of cash out refi is sitting on the driveway as a late model BMW, new monster pickup with $3000 rims, boat and $5000 Sony LCD TV over the fireplace and try and force liquidation to service the debt.
