The bank sues you for the 100k unless you live in a non recourse state. In that case, the feds consider that forgiven 100k income and you’ll owe taxes.
>In no scenario have I lost $200k
The median US house price is 200k not 100k.
> The bank sues you for the 100k unless you live in a non recourse state. In that case, the feds consider that forgiven 100k income and you’ll owe taxes.
My scenario assumed you still owed the $100k. If you live in a non-recourse state and just walk away, you're probably not going to be able to get a new mortgage.
> > In no scenario have I lost $200k
> The median US house price is 200k not 100k.
gascan's example was with $100k houses.