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re: Is "walking away" from a mortgage wrong?
Posted on 10/11/12 at 10:19 am to ZereauxSum
Posted on 10/11/12 at 10:19 am to ZereauxSum
quote:And in full recourse states, after it says the above it also says, "And if the collateral is sold for less than the loan value, we will then pursue all legal means to collect the difference from you."
It says "pay or we'll take your collateral".
The vast majority of U.S. states are full recourse states, btw.
I don't consider walking away from a loan as a "moral" thing. "Moral" connotes a religious based concept. I don't think it is religious.
But to me, it is a business ethics issue.
1
Posted on 10/11/12 at 11:29 am to LSURussian
quote:
But to me, it is a business ethics issue.
That's a fair point to make.
If the bank is willing to work out something and the borrower leaves them with the keys anyway, then that's not above board.
But most of the situations that we hear of are when the borrower has tried for months to restructure the loan or sell the property and the bank forecloses anyway. I think the business ethics argument gives both ways.
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