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I lost sleep over it, but I did it anyway. John Send a noteboard - 13/10/2010 05:24:19 AM
I was legitimately unable to keep up with my mortgage payments when my loan went into default. I tried for many months to get the bank to work with me on a loan modification to no avail. Also, during that process representatives on the bank blatantly lied to me about the process. Right after the house went into forclosure I had a bit of a windfall and would have been able to catch up completely. I chose instead to pay off my credit cards and let the foreclosure continue. I had enough left over to get a hard money loan and buy another house.

Immoral: I'd say yes. I really felt bad about the whole thing. But to be honest, I don't lose sleep over it anymore. Looking back at my communications with the bank really helps to assuage any guilty feelings I may have had. The money I had could have been theirs if they wouldn't have been deceitful and completely unwilling to work with me.

Now I have an easy to afford house payment and am otherwise debt free. I have money in savings and I'm starting to invest in my future (I changed my 401K contributions to maximum and I'm also starting to invest on my own). Financially, it was a brilliant decision to let the bank forclose.
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Is walking away from a mortgage immoral? random thoughts - 12/10/2010 04:45:43 PM 1524 Views
Just as a contract is a two way street - SilverWarder - 12/10/2010 05:12:09 PM 1011 Views
do we have a moral obligation to society? random thoughts - 12/10/2010 06:00:17 PM 998 Views
It's a good question SilverWarder - 14/10/2010 02:41:21 AM 904 Views
Sort of have to disagree... Antigone - 13/10/2010 02:52:07 AM 973 Views
That's not true actually SilverWarder - 14/10/2010 02:35:43 AM 902 Views
Of course it's immoral. Sareitha Sedai - 12/10/2010 05:13:16 PM 976 Views
But does one sided morality work? random thoughts - 12/10/2010 05:38:56 PM 1095 Views
You asked about the morality of walking away when the borrower still has the ability to pay. Sareitha Sedai - 12/10/2010 07:31:10 PM 892 Views
A company or organization cannot act morally or immorally? I strongly disagree. *NM* Legolas - 12/10/2010 07:50:42 PM 440 Views
No, it cannot. However the individuals making the decisions for the company can. *NM* Cannoli - 12/10/2010 08:48:23 PM 385 Views
If banks can not behave in moral manner why should people be expected to behave in moral manner? random thoughts - 12/10/2010 08:07:56 PM 958 Views
I'm not absolved of my obligations based on the bad behaviors of others. Sareitha Sedai - 12/10/2010 08:25:33 PM 872 Views
but who you owe obligations to is a factor random thoughts - 12/10/2010 09:03:04 PM 939 Views
Because it's their moral obligation. Morality is not a trade, you act morally because it is right Cannoli - 12/10/2010 08:47:41 PM 1071 Views
you also use reason and logic to decide where your loyalty rest random thoughts - 12/10/2010 09:16:51 PM 978 Views
You have not explained how it IS the banks' fault Cannoli - 15/10/2010 01:30:10 PM 1022 Views
That's the only kind of morality there is! What the hell is wrong with you? Cannoli - 12/10/2010 08:15:55 PM 920 Views
nothing wrong with me but I think you are off your meds again random thoughts - 12/10/2010 09:34:33 PM 915 Views
Re: nothing wrong with me but I think you are off your meds again Cannoli - 15/10/2010 02:50:49 PM 1420 Views
well I really can't argue with the wrong is wrong end of story belief system random thoughts - 15/10/2010 05:40:22 PM 1112 Views
A contract isn't a promise; it's a legal agreement. *NM* Ghavrel - 12/10/2010 06:25:24 PM 458 Views
Which is why contracts have to be pages and pages long and combed over by bloodsucking lawyers. LiterateDog - 12/10/2010 06:39:18 PM 957 Views
I would agree with you if contracts didn't provide for breaking them. Ghavrel - 12/10/2010 07:33:15 PM 805 Views
Hrm. Sareitha Sedai - 12/10/2010 07:35:38 PM 1028 Views
did you take a personal oath in front of god and your loved ones to pay the loan back? *NM* random thoughts - 12/10/2010 08:09:07 PM 455 Views
Let's assume we're talking about a marriage where no such oath was taken... *NM* Sareitha Sedai - 12/10/2010 08:10:54 PM 465 Views
if there is no oath of fidelity then straying would not be immoral *NM* random thoughts - 12/10/2010 08:40:53 PM 434 Views
It's not immoral to break the marriage contract. Ghavrel - 12/10/2010 08:19:50 PM 1071 Views
I don't see that as the flaw in my logic. Sareitha Sedai - 12/10/2010 08:37:52 PM 982 Views
Re: I don't see that as the flaw in my logic. Ghavrel - 12/10/2010 09:00:00 PM 1059 Views
also random thoughts - 12/10/2010 09:37:38 PM 920 Views
That makes no sense whatsoever. Tim - 13/10/2010 11:38:06 PM 1057 Views
That must be why they have you sign something called an agreementory note *NM* Sareitha Sedai - 12/10/2010 07:33:32 PM 477 Views
Exactly *NM* Cannoli - 12/10/2010 07:58:25 PM 443 Views
So, you think bankruptcy laws are immoral? everynametaken - 13/10/2010 12:18:43 AM 951 Views
I don't think it's immoral at all. The contract usually specifies penalties for breach. Tom - 12/10/2010 05:28:34 PM 1059 Views
I thought the answer might be something like that. *NM* Rebekah - 12/10/2010 05:35:35 PM 428 Views
that is close to the way I see it random thoughts - 12/10/2010 05:45:25 PM 904 Views
It's both legal and immoral. LiterateDog - 12/10/2010 06:37:49 PM 986 Views
You didn't mention the third party Roland00 - 12/10/2010 08:26:56 PM 835 Views
in a way I did since I did mention society random thoughts - 12/10/2010 08:54:07 PM 984 Views
Thus the edit Roland00 - 12/10/2010 09:10:53 PM 1007 Views
either way I think you made a good point *NM* random thoughts - 12/10/2010 09:38:58 PM 420 Views
will those neighbors... damookster - 14/10/2010 04:52:26 AM 1146 Views
All depends where you get your morals from, really. Nebhead - 12/10/2010 08:28:41 PM 977 Views
I guess what i was trying to ask, at least in part random thoughts - 12/10/2010 09:48:24 PM 978 Views
What if you look at it from the other perspective? Sareitha Sedai - 12/10/2010 09:00:20 PM 1005 Views
do you think they would if they had a legal way to do it? random thoughts - 12/10/2010 10:04:57 PM 960 Views
Good point. *NM* Tashmere - 12/10/2010 11:10:26 PM 444 Views
Sure, you could do that. Aeryn - 13/10/2010 01:54:55 AM 997 Views
The problem is that you're buying something today and paying for it for the next 15/30/50 years. Sareitha Sedai - 13/10/2010 03:04:26 PM 892 Views
Much like the concept of morality itself. Gaps - 12/10/2010 11:47:23 PM 902 Views
I find this line particularly interesting. everynametaken - 13/10/2010 12:13:18 AM 934 Views
Dunno. nossy - 13/10/2010 12:56:56 AM 1029 Views
As a professional in financial services - no, it is not. Aeryn - 13/10/2010 01:44:18 AM 940 Views
but almost nobody sees it that way random thoughts - 13/10/2010 12:53:25 PM 943 Views
Is the deal that if you default, the bank gets the house and nothing else, though? Legolas - 13/10/2010 02:40:48 PM 927 Views
yes but the bank has a limited ability to collect random thoughts - 13/10/2010 02:47:34 PM 843 Views
I think it's morally wrong to walk away from credit card debt. *NM* Aeryn - 13/10/2010 09:43:11 PM 432 Views
I'm curious how you reconcile that Sareitha Sedai - 13/10/2010 09:47:59 PM 958 Views
Collateral Aeryn - 19/10/2010 07:21:14 PM 1455 Views
I agree, what do you think is different? random thoughts - 13/10/2010 09:59:36 PM 954 Views
The difference is that the bank owns the house. Whereas when I buy stuff, it's mine. *NM* Aeryn - 19/10/2010 07:05:34 PM 429 Views
I too am unable to work out what distinguishes the two situations. Tim - 13/10/2010 11:54:15 PM 891 Views
I lost sleep over it, but I did it anyway. John - 13/10/2010 05:24:19 AM 1035 Views
OK what if you take it a step further random thoughts - 13/10/2010 03:44:30 PM 1037 Views
Good question John - 14/10/2010 05:13:41 AM 998 Views
I have some questions about this issue. MightyYT - 13/10/2010 08:14:37 AM 960 Views
how do those questions affect the morality of the situation? random thoughts - 13/10/2010 03:20:14 PM 904 Views
Obviously, the essential difference is can't pay versus won't pay. Elaine - 13/10/2010 02:16:07 PM 928 Views
are you socializing your debt when it is a private bank? random thoughts - 13/10/2010 03:14:48 PM 983 Views
You are when said bank requires a bailout. And very many of them do. Elaine - 13/10/2010 03:22:59 PM 926 Views
it is the home fault that the banks have to be bailed out random thoughts - 13/10/2010 03:49:37 PM 971 Views
I believe it immoral to do harm. Macharius - 13/10/2010 04:38:28 PM 994 Views
I really don't understand a system where this could be an advantage. Tim - 13/10/2010 11:16:57 PM 936 Views
There's generally something like a 7 or 10 year limit on credit reporting here. LiterateDog - 13/10/2010 11:46:58 PM 956 Views
What's the use of suing someone who has no money? *NM* Tim - 13/10/2010 11:48:47 PM 492 Views
You can garnish their wages. LiterateDog - 13/10/2010 11:49:36 PM 937 Views
With parsley? Rebekah - 13/10/2010 11:51:37 PM 1009 Views
No, "someone" most certainly did not, wicked young Miss! Hmph! *NM* LiterateDog - 13/10/2010 11:52:40 PM 478 Views
If they suddenly come into some, you're entitled to it. *NM* TaskmasterJack - 14/10/2010 12:07:34 AM 556 Views
Bit of a long shot. *NM* Tim - 14/10/2010 12:09:12 AM 426 Views
Very. Best to cover your bases though. *NM* TaskmasterJack - 14/10/2010 10:04:25 PM 447 Views
Not if the doctrine of election applies. Tim - 14/10/2010 10:14:07 PM 908 Views
Are we not talking about credit companies going after people who owe them money? TaskmasterJack - 14/10/2010 10:18:47 PM 960 Views
Yeah, I guess we are. Tim - 14/10/2010 10:28:40 PM 988 Views
Re: Gaps - 14/10/2010 03:09:18 AM 962 Views
I am currently in that situation... damookster - 14/10/2010 05:03:23 AM 1061 Views
In Washington you can contest the assessed value used to determine property taxes. Vodalus - 14/10/2010 07:27:02 AM 978 Views
Re: I am currently in that situation... Macharius - 14/10/2010 05:49:24 PM 1272 Views
it is easy for me and others to be glib when it is just a theory *NM* random thoughts - 14/10/2010 08:19:16 PM 433 Views
If you have the ability to pay, I would consider it yet another immoral act in an immoral industry. Joel - 14/10/2010 07:49:38 AM 972 Views
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