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Obviously, the essential difference is can't pay versus won't pay. Elaine Send a noteboard - 13/10/2010 02:16:07 PM


Morality has sod all to do with it. If you're negative equitied to the hilt and you can pay your monthly mortgage, there is no argument. You owe the money and you may not gleefully socialise your debt. If you lose your job and can't make the payment until you find another, the bank's best interest here is to bear with you for a little while. If you took out a massive mortgage based on nonsense unsustainable earnings and then lose your job, you're an idiot and you will lose your house, and you will owe them the difference between the sale price and the mortgage amount.

I have very little sympathy for financial morons who push their debt on my tax bill, or my interest rate. Has nobody ever heard of moral hazard? They'll just do it again.
Elaine
Irish Honey
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Is walking away from a mortgage immoral? random thoughts - 12/10/2010 04:45:43 PM 1590 Views
Just as a contract is a two way street - SilverWarder - 12/10/2010 05:12:09 PM 1059 Views
do we have a moral obligation to society? random thoughts - 12/10/2010 06:00:17 PM 1051 Views
It's a good question SilverWarder - 14/10/2010 02:41:21 AM 954 Views
Sort of have to disagree... Antigone - 13/10/2010 02:52:07 AM 1021 Views
That's not true actually SilverWarder - 14/10/2010 02:35:43 AM 948 Views
Of course it's immoral. Sareitha Sedai - 12/10/2010 05:13:16 PM 1025 Views
But does one sided morality work? random thoughts - 12/10/2010 05:38:56 PM 1141 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 938 Views
A company or organization cannot act morally or immorally? I strongly disagree. *NM* Legolas - 12/10/2010 07:50:42 PM 462 Views
No, it cannot. However the individuals making the decisions for the company can. *NM* Cannoli - 12/10/2010 08:48:23 PM 403 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 1005 Views
I'm not absolved of my obligations based on the bad behaviors of others. Sareitha Sedai - 12/10/2010 08:25:33 PM 924 Views
but who you owe obligations to is a factor random thoughts - 12/10/2010 09:03:04 PM 983 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 1118 Views
you also use reason and logic to decide where your loyalty rest random thoughts - 12/10/2010 09:16:51 PM 1033 Views
You have not explained how it IS the banks' fault Cannoli - 15/10/2010 01:30:10 PM 1075 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 980 Views
nothing wrong with me but I think you are off your meds again random thoughts - 12/10/2010 09:34:33 PM 957 Views
Re: nothing wrong with me but I think you are off your meds again Cannoli - 15/10/2010 02:50:49 PM 1472 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 1157 Views
A contract isn't a promise; it's a legal agreement. *NM* Ghavrel - 12/10/2010 06:25:24 PM 476 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 999 Views
I would agree with you if contracts didn't provide for breaking them. Ghavrel - 12/10/2010 07:33:15 PM 848 Views
Hrm. Sareitha Sedai - 12/10/2010 07:35:38 PM 1070 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 475 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 488 Views
if there is no oath of fidelity then straying would not be immoral *NM* random thoughts - 12/10/2010 08:40:53 PM 451 Views
It's not immoral to break the marriage contract. Ghavrel - 12/10/2010 08:19:50 PM 1118 Views
I don't see that as the flaw in my logic. Sareitha Sedai - 12/10/2010 08:37:52 PM 1026 Views
Re: I don't see that as the flaw in my logic. Ghavrel - 12/10/2010 09:00:00 PM 1107 Views
also random thoughts - 12/10/2010 09:37:38 PM 968 Views
That makes no sense whatsoever. Tim - 13/10/2010 11:38:06 PM 1108 Views
That must be why they have you sign something called an agreementory note *NM* Sareitha Sedai - 12/10/2010 07:33:32 PM 493 Views
Exactly *NM* Cannoli - 12/10/2010 07:58:25 PM 461 Views
So, you think bankruptcy laws are immoral? everynametaken - 13/10/2010 12:18:43 AM 1001 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 1105 Views
I thought the answer might be something like that. *NM* Rebekah - 12/10/2010 05:35:35 PM 449 Views
that is close to the way I see it random thoughts - 12/10/2010 05:45:25 PM 958 Views
It's both legal and immoral. LiterateDog - 12/10/2010 06:37:49 PM 1032 Views
You didn't mention the third party Roland00 - 12/10/2010 08:26:56 PM 886 Views
in a way I did since I did mention society random thoughts - 12/10/2010 08:54:07 PM 1030 Views
Thus the edit Roland00 - 12/10/2010 09:10:53 PM 1047 Views
either way I think you made a good point *NM* random thoughts - 12/10/2010 09:38:58 PM 436 Views
will those neighbors... damookster - 14/10/2010 04:52:26 AM 1197 Views
All depends where you get your morals from, really. Nebhead - 12/10/2010 08:28:41 PM 1025 Views
I guess what i was trying to ask, at least in part random thoughts - 12/10/2010 09:48:24 PM 1031 Views
What if you look at it from the other perspective? Sareitha Sedai - 12/10/2010 09:00:20 PM 1057 Views
do you think they would if they had a legal way to do it? random thoughts - 12/10/2010 10:04:57 PM 1006 Views
Good point. *NM* Tashmere - 12/10/2010 11:10:26 PM 464 Views
Sure, you could do that. Aeryn - 13/10/2010 01:54:55 AM 1046 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 945 Views
Much like the concept of morality itself. Gaps - 12/10/2010 11:47:23 PM 945 Views
I find this line particularly interesting. everynametaken - 13/10/2010 12:13:18 AM 988 Views
Dunno. nossy - 13/10/2010 12:56:56 AM 1095 Views
As a professional in financial services - no, it is not. Aeryn - 13/10/2010 01:44:18 AM 986 Views
but almost nobody sees it that way random thoughts - 13/10/2010 12:53:25 PM 988 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 976 Views
yes but the bank has a limited ability to collect random thoughts - 13/10/2010 02:47:34 PM 897 Views
I think it's morally wrong to walk away from credit card debt. *NM* Aeryn - 13/10/2010 09:43:11 PM 451 Views
I'm curious how you reconcile that Sareitha Sedai - 13/10/2010 09:47:59 PM 1011 Views
Collateral Aeryn - 19/10/2010 07:21:14 PM 1502 Views
I agree, what do you think is different? random thoughts - 13/10/2010 09:59:36 PM 998 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 450 Views
I too am unable to work out what distinguishes the two situations. Tim - 13/10/2010 11:54:15 PM 941 Views
I lost sleep over it, but I did it anyway. John - 13/10/2010 05:24:19 AM 1081 Views
OK what if you take it a step further random thoughts - 13/10/2010 03:44:30 PM 1087 Views
Good question John - 14/10/2010 05:13:41 AM 1059 Views
I have some questions about this issue. MightyYT - 13/10/2010 08:14:37 AM 1000 Views
how do those questions affect the morality of the situation? random thoughts - 13/10/2010 03:20:14 PM 951 Views
Obviously, the essential difference is can't pay versus won't pay. Elaine - 13/10/2010 02:16:07 PM 965 Views
are you socializing your debt when it is a private bank? random thoughts - 13/10/2010 03:14:48 PM 1031 Views
You are when said bank requires a bailout. And very many of them do. Elaine - 13/10/2010 03:22:59 PM 965 Views
it is the home fault that the banks have to be bailed out random thoughts - 13/10/2010 03:49:37 PM 1012 Views
I believe it immoral to do harm. Macharius - 13/10/2010 04:38:28 PM 1035 Views
I really don't understand a system where this could be an advantage. Tim - 13/10/2010 11:16:57 PM 980 Views
There's generally something like a 7 or 10 year limit on credit reporting here. LiterateDog - 13/10/2010 11:46:58 PM 1007 Views
What's the use of suing someone who has no money? *NM* Tim - 13/10/2010 11:48:47 PM 514 Views
You can garnish their wages. LiterateDog - 13/10/2010 11:49:36 PM 988 Views
With parsley? Rebekah - 13/10/2010 11:51:37 PM 1057 Views
No, "someone" most certainly did not, wicked young Miss! Hmph! *NM* LiterateDog - 13/10/2010 11:52:40 PM 498 Views
If they suddenly come into some, you're entitled to it. *NM* TaskmasterJack - 14/10/2010 12:07:34 AM 574 Views
Bit of a long shot. *NM* Tim - 14/10/2010 12:09:12 AM 447 Views
Very. Best to cover your bases though. *NM* TaskmasterJack - 14/10/2010 10:04:25 PM 465 Views
Not if the doctrine of election applies. Tim - 14/10/2010 10:14:07 PM 962 Views
Are we not talking about credit companies going after people who owe them money? TaskmasterJack - 14/10/2010 10:18:47 PM 1008 Views
Yeah, I guess we are. Tim - 14/10/2010 10:28:40 PM 1034 Views
Re: Gaps - 14/10/2010 03:09:18 AM 1008 Views
I am currently in that situation... damookster - 14/10/2010 05:03:23 AM 1107 Views
In Washington you can contest the assessed value used to determine property taxes. Vodalus - 14/10/2010 07:27:02 AM 1027 Views
Re: I am currently in that situation... Macharius - 14/10/2010 05:49:24 PM 1329 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 453 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 1018 Views
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