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re: Is "walking away" from a mortgage wrong?
Posted on 10/11/12 at 8:52 am to Cold Pizza
Posted on 10/11/12 at 8:52 am to Cold Pizza
quote:
There are farmers who filed bankruptcy in the early 80's who are still pariahs. And rightly so.
Why should they still be pariahs?
If they moved to another town, no one would even know about the bankruptcies. They don't even show on their credit anymore.
1
Posted on 10/11/12 at 8:59 am to ZereauxSum
No. Not at all.
It's a business transaction and it is the responsibility of the bank to underwrite appropriately for the risks. Bankruptcy is basically a put option on the loan and that information is known up front by the bank.
FYI, I'm an underwriter (not retail).
It's a business transaction and it is the responsibility of the bank to underwrite appropriately for the risks. Bankruptcy is basically a put option on the loan and that information is known up front by the bank.
FYI, I'm an underwriter (not retail).
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