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The buyer who paid $1,000 also assumed a $460 k mortgage on the property. Apparently the "assumed" value is quite high for that area although the home looks substantial. Anyone know?

I'm not going anywhere near the legal side of this but, while I accept that the banks MAY have a right to revalue, I just can't see it happening to any but a small number of "recalcitrant" borrowers. To try to repossess thousands of properties the banks would just make their situation worse...