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

[Kidlicious]

My head hurts here.

Kidicious is arguing that people should not walk away from their mortgages and he is attacking 'conservative' economists?

Are you referring to Keynesians? They aren't Austrians. Keynesians are in no means conservatives.

It's economic rational to walk away. It's also immoral.

[Kidlicious]

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

That's your explaination of exploitation?!

First, the bank has to take some action in order to exploit you. If they haven't done anything they haven't exploited you. Second, they have to get something of value for it. If they don't get anything of value they haven't exploited you.

[Kidlicious]

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?

So your proposal is for everyone to act immoral so that no one has an advantage? That's ghetto.

I wan't us to start holding everyone accountable.

[Kidlicious]

Shh. I've learned to keep it as simple as possible with Kid, though it usually just winds up being less effort than a full explanation for the same lack of results.

A collateral loan is a loan secured by some asset you own. You promise to hand the asset over to the lender if you cannot repay the loan as agreed. By using a collateral loan, the lender takes less risk, and it may be easier for you to get funding. Make sure you know the essentials of collateral loans before you use one.

[Ming]

Please explain again on how walking away from a mortgage is unethical and immoral.

You've already been proved TOTALLY wrong. But feel free to dig yourself a deeper hole or change the discussion since you got your balls handed to you already.

[Kidlicious]

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.

Ming? Don't you know how default loans are a drain on society?

[Kidlicious]

Please explain again on how walking away from a mortgage is unethical and immoral.

You've already been proved TOTALLY wrong. But feel free to dig yourself a deeper hole or change the discussion since you got your balls handed to you already.

From a christian POV it's a sin not to pay your debts. From what POV is it not immoral?

[Ming]

Don't you have a clue that a legitimate business decision that is included in the original agreement is not unethical or immoral. You are a complete moron. What is unethical is you trying to paint people who make legitimate decisions that are covered in the contract as unethical and immoral.

Now... you can keep trying to change the subject, but it doesn't change the fact that you have been totally beat with your lame attempts to paint people as unethical.

[Ming]

From a christian POV it's a sin not to pay your debts. From what POV is it not immoral?

Again... please explain on how giving your house back to the bank, as the contract says you can, is not paying your debt? The contract says it is PAYING BACK THE DEBT.

So what the hell are you talking about. It's totally ok from a christian POV as well, and not a sin.

[Kidlicious]

Again... please explain on how giving your house back to the bank, as the contract says you can, is not paying your debt? The contract says it is PAYING BACK THE DEBT.

So what the hell are you talking about. It's totally ok from a christian POV as well, and not a sin.

The bank does not cosider the debt paid, and either do I. You may, because you want to justify the way you do business.

[ColdWizard]

For those of you claiming that banks "would do the same to you", banks are actually pretty fastidious about keeping their contracts. Because they have significant assets, it's always worth suing a bank.

Banks are pretty fastidious about their contracts being in their favor.

[Ming]

What is really immoral are the lies you are telling in regards to the stance of Christians. While it may be you own silly ass opinion, you do not speak for Christians. And Christians are also not to judge others, that's up to god, not you. So who is the immoral person here... the person WHO LIVES UP TO THEIR END OF A CONTRACT or a pond scum jerk who lies and judges people against the teachings of their own faith.

Have a nice day you unethical and immoral person.

[Kidlicious]

Don't you have a clue that a legitimate business decision that is included in the original agreement is not unethical or immoral. You are a complete moron. What is unethical is you trying to paint people who make legitimate decisions that are covered in the contract as unethical and immoral.

Now... you can keep trying to change the subject, but it doesn't change the fact that you have been totally beat with your lame attempts to paint people as unethical.

Again, the simple fact that you have offered up collateral doesn't mean that it is ethical for you to default.

[Ming]

The bank does not cosider the debt paid, and either do I. You may, because you want to justify the way you do business.

You and the bank are welcome to your incorrect opinions. But the contract says differently.
It's legal and ethical to live up to the terms of the contract, and walking away and giving the bank the house is a RIGHT of the contract, and cancels the debt.

And again... you are the unethical one here... not even following the teachings of your own religion.

[Kidlicious]

What is really immoral are the lies you are telling in regards to the stance of Christians. While it may be you own silly ass opinion, you do not speak for Christians. And Christians are also not to judge others, that's up to god, not you. So who is the immoral person here... the person WHO LIVES UP TO THEIR END OF A CONTRACT or a pond scum jerk who lies and judges people against the teachings of their own faith.

Have a nice day you unethical and immoral person.

The collateral is put up in case you CAN'T pay back the loan, not because you are no longer happy with the value of it. Look at the definition of a collateral loan!

And christians are to rebuke sin.