Under the new bankruptcy regulations, homeowners will no longer necessarily be able to hand the keys to the bank and move on. Lenders will, in many cases, have the option of coming after them for virtually everything else they’ve got — income, money in bank accounts and other assets.
If you’ve done a refi or the bank forecloses and sells the house for less than you owe, they can now hound forever for the money.
Welcome to the indentured servant world of the Bush administration.