- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Is "walking away" from a mortgage wrong?
Posted on 10/11/12 at 11:38 am to SlowFlowPro
Posted on 10/11/12 at 11:38 am to SlowFlowPro
It makes no difference to you, but one post above you call that theft. Just because you don't like your condo, I would consider it theft to stop paying a third party when you have the ability to do so.
Posted on 10/11/12 at 11:47 am to DrEdgeLSU
quote:
I would consider it theft to stop paying a third party when you have the ability to do so.
why?
it's a business decision. the contract doesn't state that you will get extra penalties if you could pay it and choose not to
the contract says they will loan you x principal at y rate and you'll pay z/month back over a certain period of time. if you fail to pay z, they'll seize the house (assuming non-recourse states).
the person walking away will suffer consequences as a result. the secondary effects will be a huge ding to your credit that will take a long time to recover from. second, they will have lost on what they had already paid in terms of downpayment
ability to pay doesn't matter. the question is whether the costs from leaving (described above) are less than teh costs from staying and paying timely. if the costs from leaving are lower, then you leave.
Popular
Back to top
Follow TigerDroppings for LSU Football News