In the US, if the loan is underwater, i.e. the loan now exceeds the
value of the house and the owner gives the keys to the bank, they are
STILL
responsible for the balance---UNLESS they file bankruptcy under Chapter
7 for example (straight liquidation), then the debt is dischargable.
As I understand it, the debt is not dischargable under current Spanish
law AFAIK, thus making a new start more difficult. Sorry, couldn't
help but chime in on this non photo issue.
Married to bankruptcy attorney, Mike
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