So the story is BoA is going to sell his house which Freeman put down $1 million and it’s worth $1.77 million. They are owed $705,000 so Freeman will get paid about $1 million. Even if it only sells for $1.3 million Freeman makes cash.
Agreed. Probably just made a business decision to walk away from the property.
In my opinion, that should be illegal. If you have the money to pay your mortgage, you should not be allowed to just walk away from it. If they end up selling that property for less than he owes, he should be liable for the difference.
It would be virtually impossible for that to happen unless the bank sells the house for less then $705,000 when it's worth $1.77 million. Freeman makes cash on this deal.
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