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Message
re: Is "walking away" from a mortgage wrong?
Posted on 10/11/12 at 10:03 am to LSUAfro
Posted on 10/11/12 at 10:03 am to LSUAfro
quote:
Seriously? In this mortgage environment? Ponder the other side of the coin and I'm sure you could figure out a few examples.
A mortgage is a loan, not some magical entitlement bestowed upon the masses by Jesus. Its an agreement to pay later what you could not pay now. The lender has a moral obligation to its stake holders, not to the borrower.
In most cases, people will live 6-12 months in a property pending forclosure withouth making a single payment. I'll suppose you would be of the opinion that the lender owed them that time... Grow up.
2
Posted on 10/11/12 at 10:19 am to Swifty
I don't think it's wrong at all to walk away as long as you don't mind dealing with the consequences. I'm not sure what the default rate is right now but let's say 85% pay their mortgage and don't get foreclosed on. For all those, if they didnt put 20% down they are paying a large amount in mortgage insurance. Then to get PMI removed is not easy to do. I definitely don't feel sorry for banks.
Posted on 10/11/12 at 10:31 am to Swifty
quote:Profound
A mortgage is a loan, not some magical entitlement bestowed upon the masses by Jesus.
quote:Enlightening
Its an agreement to pay later what you could not pay now
quote:
In most cases, people will live 6-12 months in a property pending forclosure withouth making a single payment. I'll suppose you would be of the opinion that the lender owed them that time
You think the debt holder is doing this out of courtesy? quote:
Grow up
Again
Big picture...you don't see it. 
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