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re: Is "walking away" from a mortgage wrong?
Posted on 10/11/12 at 11:29 am to LSURussian
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.
2
Posted on 10/11/12 at 11:30 am to ZereauxSum
quote:
I think the business ethics argument gives both ways.
Of course it does. Banks don't necessarily have the best reputation in this area either.
Posted on 10/11/12 at 11:36 am to ZereauxSum
quote:
I think the business ethics argument gives both ways.
it does, just like the assume risk and the resulting damages
now i can see an argument for a moral issue if a bank DOES offer a new deal to a homeowner and THEN the homeowner walks away...or the homeowner misleading the bank in order to get "free" time living in the property. i get that. that's basically fraud/theft
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