[stylin_geek]

I don't get it, if you owe $800,000 on a $1,000,000 piece of property, the math says you have $200,000 in assets. I don't get why they would be forced out, and the bank would not allow the sale.

[EggsAckley]

Something fishy here. And given their previous losses, maybe the old gentleman simply can't handle money. To be duped TWICE is a bit much.

[blau993]

I don't get it, if you owe $800,000 on a $1,000,000 piece of property, the math says you have $200,000 in assets. I don't get why they would be forced out, and the bank would not allow the sale.

Make that "you MIGHT have $200,000 in assets." Whether they would get $200,000 out of a sale depends, first, on whether the house actually sells for $1 million, and, second, what selling costs, court costs, legal expenses, etc. get deducted from the proceeds of the sale. Selling at a foreclosure sale is about the least cost-effective way of selling a property. The couple would have done better if they had conceded their inability to afford the house and sold it on their own before the bank foreclosed.

That said, they will get whatever portion of the sale proceeds remains after the mortgage and selling expenses are paid off.