Different States treat debt obligations differently; so borrowing money to buy houses carries different levels of risk associated with financing. In California, a person can owe hundreds of thousands of dollars on a house, and if things don't work out, simply hand the house back to the lender and walk away without any liability. But, in many States, if you personally guarantee a loan, even after a house is foreclosed, you will still have to pay any losses the lender incurs if the house sells for less than the loan balance. http://bit.ly/bdPbyK
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