Now OK To Walk Away From Your Mortgage?

by Sean





Dave echos a sentiment I’ve begun to hear more and more often. Apparently, it’s getting more and more OK to walk away from ones mortgage:

This isn’t about having your credit score ruined or not being able to get another mortgage for a few more years. It also isn’t about a moral choice anymore, as I thought it was back in 2008. This is about people who have gotten screwed over by the very banks that we have been paying to keep in existence. The banks get all the help they need while the people get nothing – it’s a messed up system right now.

The logic here is truly mind-bending. Let me see if I can get this straight: Those darn banks got bailed out, which is unfair and shouldn’t have happened. But because we did go and bail them out, we should also bail out those people who borrowed far more than they should have. Which is also unfair, but you know, two wrongs always make a right. :roll:

As far as those people walking away from their homes, I have little sympathy for them. Nobody twisted their arm to get them to sign that mortgage contract. They rolled the dice in a game they shouldn’t have been playing. Just because they greatly discounted the odds of snake eyes coming up doesn’t mean they shouldn’t lose when it comes up. At the very least, *I* certainly shouldn’t be losing because they did.

  • Did the banks get a ridiculously sweet deal out of this whole thing? Absolutely. Should they suffer some sort of consequence far beyond what they have now? Without a doubt. That's a job for the regulators, and it would be wonderful if those in power would grow a pair and get something done rather than bicker over who should get the credit or blame. (ah, now I'm off on a whole 'nother tangent)

    But we aren't talking about the banks walking away from their end of a deal here. We're talking about the homeowners doing so. So, hatred? Hardly. Call it a utter lack of sympathy. The banks were certainly complicit in this game, but that doesn't make the other party anything like innocent. No overt force was used to get them into these deals. It shouldn't be too hard to look at the payment and realize that it is more than you can afford.
  • bucky
    and the banks rolled the dice as well. they knew they were making loans to people that couldn't afford the payments. but they only cared about getting the fees from making the loan. the banks had no interest in a person's ability to make the loan payment because the banks sold the loan to someone else as soon as the ink was on the loan papers.

    sorry, you seem to have plenty of hatred for the homeowners. how about some disgust for the immoral bankers?
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