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Old 07-19-2012, 02:47 PM
 
33 posts, read 80,948 times
Reputation: 14

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I have some friends who are married and have been buying a home in Oklahoma.
Their mortgage is with a bank that sounds like 'hArvest'...

The economy squashed their cash flow, job loss and time spent find another, etc..
They have been trying for a year to get level again, but with the economy in many small towns, it looks inevitable they will get foreclosed on.

I'm aware of all the options to try and stop foreclosure(believe me), I've advised them on those, but the problem is that it takes more money and a higher income to pursue those.

I just want to know, - 'worst case scenario', if they just walk away and leave town for someplace with higher paying jobs... has anyone been foreclosed on under that scenario, any hammerings by the bank or IRS afterwards? I mean these kids are making 40k tops(gross, not take home).

I know the possible repercussions, has anyone been down this road?

thanks all..
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Old 07-19-2012, 03:08 PM
 
Location: Tulsa, OK
2,449 posts, read 2,645,735 times
Reputation: 5913
I lived in Tulsa for 8 years. ARVEST is the name of the bank you speak of, and they are all over Oklahoma. My landlord had the house I was living in foreclosed, because he had too many irons in the fire. When, I was paying him rent, he was not paying the mortgage...as far as the rest, I don't know, as I've only ever rented for the past 20 years or so.
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