If there was actual equity in the collateral the bank would have recouped more than the amount of the loan and then I think they would be obligated to return that money to the borrower. But when the sale price wont cover the loan, there isnt any equity in the property, they are upside down.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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