Website sells 'peace of mind' for walking away from mortgage

[giblets]

Oh, so now paying back your loan is being exploited? Care to explain?

If someone wants to walk away, then not walking away is in the bank's interest and not theirs.

[Hauldren Collider]

Everyone who ever lends money accepts that the borrower may not pay up. That doesn't make not paying up right.

Kid is actually right here in that if you take on debt you should try real hard to pay it back because it isn't your money, but I'm not quite sure how you can then shove the blame of defaults on corporate greed.

[monolith94]

Kidicious, where's your thread about the Magnetar (http://www.propublica.org/feature/th...g-bubble-going) which caused society far more problems through far less ethical and equally legal actions? Oh, I know where it is, it doesn't exist because you only choose to address the symptoms rather than the disease.

[Ming]

@ Oerdin and Ming

So you two are no better than banks then?

Gee... I'm as ethical and honorable as the person I'm doing business with... what's your problem?

Are you really saying that the Bank should have an unfair advantage on their customers in a commercial business venture?

[Hauldren Collider]

I'm really totally unsure what Kid's point is. People default on their loans...therefore corporate america is....something? I can't figure it out.

[Dinner]

Bull. The loan is secured by collateral. That doesn't make it honorable to purposefully default on your loan.

Like I said, who cares about honor? There is nothing honorable about finance and corporations have no honor and would do so to you in a heart beat so why not do the same to them? Strategic default especially when the bank is being unreasonable and refusing the renegotiate mortgage balances, payments, or interest rates is a very intelligent thing for a consumer to do. If the house is $200,000 under water then offer to split the difference with them where you each lose $100,000 but if they refuse then, **** them, make them eat the whole $200,000. It's just a business decision where a person has to decide if his best interests are to continue paying a hopeless debt or to make a compromise or to walk away. If you live in a civilized state then you have all three options so make the most of it. It sure beats paying 30 years to make up some one else's loses.

[Ming]

You, on the other hand, are a drain on society, due to your lack of morality.

Gee... defaulting on a mortgage is now considered being a drain on society... Since when?
It's a simple business transaction, a risk is taken, and that is covered by them charging you interest.
They make tons of money... and will still probably come out ahead by having the bennefit of all the interest you have already given them, and they get the house to sell to somebody else.

So please explain once again where the "drain on society" is... and the lack of morality... It's a business transaction, with risks taken on both sides.

[ColdWizard]

I'm really totally unsure what Kid's point is. People default on their loans...therefore corporate america is....something? I can't figure it out.

Is setting a bad example.

[Ming]

Yeah... the Banks whine about all the bad loans THEY MADE, and then ask the government to bail them out when they fail... asking for billions.

I wish the Government would give me billions when I make a bad business decision.

[ColdWizard]

At least all the ethical bank people like the predatory lenders and Magnetar people walked away with all the money.

[Dinner]

@ Oerdin and Ming

So you two are no better than banks then?

Nope. Why should I be? My obligations and their obligations are perscribed by the law of the state in which we both reside. I will excersize my legal rights and you can be damn sure the bank will do the same. Why should anyone do more then the law requires when the bank sure as hell won't do the same? That's why we have a legal system.

[Dinner]

Kid is actually right here in that if you take on debt you should try real hard to pay it back because it isn't your money, but I'm not quite sure how you can then shove the blame of defaults on corporate greed.

Consumers have a vested interest to repay in the form of their credit rating. If the hit to your credit rating is less then the cost of repayment then pay but if it is not then hand it in. On the off chance that the bank isn't arrogant you can try to renegotiate but they almost always refuse so, **** them, and make them eat the whole amount. Maybe you'll help someone else after the bank gets gun shy from taking so many loses. With 40% of American homes underwater and with that number expected to rise to 60% why the **** should any consumer give a rat's ass about the banks? They're already getting bailouts, 0% interest loans from the Fed, and all sorts of special legal breaks.

Do what is in your best interests and have no care for the banks. Uncle sugar is already taking care of the banks even as he gave you the finger.

[Solomwi]

Kid, if I enter a contract promising to either repay a loan or give the creditor my house, and wind up doing the latter, I've fulfilled my contract. There's nothing dishonorable or unethical about fulfilling my contract.

[Dinner]

Honestly, the best possible solution would be to allow bankruptcy courts to decide if the defendant can pay and then to reset the mortgage amount to fair market value. Of course, Congress didn't do this, as they should have, before they agreed to bailout the banks with trillions of tax payer dollars. That's because our political system is rotten to the core and the banks along with other moneyed interests own the ****ing politicians. Until it is a capital offense to give a politician one red cent this bull**** will continue.

[C0ckney]

Kid, if I enter a contract promising to either repay a loan or give the creditor my house, and wind up doing the latter, I've fulfilled my contract. There's nothing dishonorable or unethical about fulfilling my contract.

this is it, in a nutshell.

what on earth does kid think a mortgage is?