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I am currently in that situation... damookster Send a noteboard - 14/10/2010 05:03:23 AM
my house is underwater. It wasn't five years ago. I had about 50-55,000 in equity then. Since that time houses in my neighborhood are selling for more than one third less than they were then. I am paying 6.99% on my loan. Current rates are 4.25 to 4.5 but I can't refinance because I would need to borrow more than my house is worth. Ironically I'm also paying property taxes on an assessed value that is more than the current market value. I am trying very hard to struggle through this but if I end up having to walk away, I will only be upset that I lost my house. Not in the slightest bit upset that it might be perceived that I screwed over the bank.
Mook

*MySmiley*



"Bustin' makes me feel good!"

Ghostbusters, by Ray Parker Jr.
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Is walking away from a mortgage immoral? random thoughts - 12/10/2010 04:45:43 PM 1329 Views
Just as a contract is a two way street - SilverWarder - 12/10/2010 05:12:09 PM 825 Views
do we have a moral obligation to society? random thoughts - 12/10/2010 06:00:17 PM 816 Views
It's a good question SilverWarder - 14/10/2010 02:41:21 AM 736 Views
Sort of have to disagree... Antigone - 13/10/2010 02:52:07 AM 765 Views
That's not true actually SilverWarder - 14/10/2010 02:35:43 AM 713 Views
Of course it's immoral. Sareitha Sedai - 12/10/2010 05:13:16 PM 798 Views
But does one sided morality work? random thoughts - 12/10/2010 05:38:56 PM 909 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 719 Views
A company or organization cannot act morally or immorally? I strongly disagree. *NM* Legolas - 12/10/2010 07:50:42 PM 367 Views
No, it cannot. However the individuals making the decisions for the company can. *NM* Cannoli - 12/10/2010 08:48:23 PM 309 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 787 Views
I'm not absolved of my obligations based on the bad behaviors of others. Sareitha Sedai - 12/10/2010 08:25:33 PM 693 Views
but who you owe obligations to is a factor random thoughts - 12/10/2010 09:03:04 PM 747 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 876 Views
you also use reason and logic to decide where your loyalty rest random thoughts - 12/10/2010 09:16:51 PM 780 Views
You have not explained how it IS the banks' fault Cannoli - 15/10/2010 01:30:10 PM 811 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 741 Views
nothing wrong with me but I think you are off your meds again random thoughts - 12/10/2010 09:34:33 PM 737 Views
Re: nothing wrong with me but I think you are off your meds again Cannoli - 15/10/2010 02:50:49 PM 1235 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 936 Views
A contract isn't a promise; it's a legal agreement. *NM* Ghavrel - 12/10/2010 06:25:24 PM 387 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 766 Views
I would agree with you if contracts didn't provide for breaking them. Ghavrel - 12/10/2010 07:33:15 PM 632 Views
Hrm. Sareitha Sedai - 12/10/2010 07:35:38 PM 833 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 374 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 390 Views
if there is no oath of fidelity then straying would not be immoral *NM* random thoughts - 12/10/2010 08:40:53 PM 362 Views
It's not immoral to break the marriage contract. Ghavrel - 12/10/2010 08:19:50 PM 896 Views
I don't see that as the flaw in my logic. Sareitha Sedai - 12/10/2010 08:37:52 PM 795 Views
Re: I don't see that as the flaw in my logic. Ghavrel - 12/10/2010 09:00:00 PM 887 Views
also random thoughts - 12/10/2010 09:37:38 PM 729 Views
That makes no sense whatsoever. Tim - 13/10/2010 11:38:06 PM 859 Views
That must be why they have you sign something called an agreementory note *NM* Sareitha Sedai - 12/10/2010 07:33:32 PM 387 Views
Exactly *NM* Cannoli - 12/10/2010 07:58:25 PM 367 Views
So, you think bankruptcy laws are immoral? everynametaken - 13/10/2010 12:18:43 AM 784 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 869 Views
I thought the answer might be something like that. *NM* Rebekah - 12/10/2010 05:35:35 PM 354 Views
that is close to the way I see it random thoughts - 12/10/2010 05:45:25 PM 716 Views
It's both legal and immoral. LiterateDog - 12/10/2010 06:37:49 PM 805 Views
You didn't mention the third party Roland00 - 12/10/2010 08:26:56 PM 653 Views
in a way I did since I did mention society random thoughts - 12/10/2010 08:54:07 PM 805 Views
Thus the edit Roland00 - 12/10/2010 09:10:53 PM 829 Views
either way I think you made a good point *NM* random thoughts - 12/10/2010 09:38:58 PM 352 Views
will those neighbors... damookster - 14/10/2010 04:52:26 AM 932 Views
All depends where you get your morals from, really. Nebhead - 12/10/2010 08:28:41 PM 782 Views
I guess what i was trying to ask, at least in part random thoughts - 12/10/2010 09:48:24 PM 753 Views
What if you look at it from the other perspective? Sareitha Sedai - 12/10/2010 09:00:20 PM 789 Views
do you think they would if they had a legal way to do it? random thoughts - 12/10/2010 10:04:57 PM 780 Views
Good point. *NM* Tashmere - 12/10/2010 11:10:26 PM 370 Views
Sure, you could do that. Aeryn - 13/10/2010 01:54:55 AM 807 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 690 Views
Much like the concept of morality itself. Gaps - 12/10/2010 11:47:23 PM 721 Views
I find this line particularly interesting. everynametaken - 13/10/2010 12:13:18 AM 747 Views
Dunno. nossy - 13/10/2010 12:56:56 AM 848 Views
As a professional in financial services - no, it is not. Aeryn - 13/10/2010 01:44:18 AM 755 Views
but almost nobody sees it that way random thoughts - 13/10/2010 12:53:25 PM 761 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 750 Views
yes but the bank has a limited ability to collect random thoughts - 13/10/2010 02:47:34 PM 657 Views
I think it's morally wrong to walk away from credit card debt. *NM* Aeryn - 13/10/2010 09:43:11 PM 363 Views
I'm curious how you reconcile that Sareitha Sedai - 13/10/2010 09:47:59 PM 773 Views
Collateral Aeryn - 19/10/2010 07:21:14 PM 1276 Views
I agree, what do you think is different? random thoughts - 13/10/2010 09:59:36 PM 782 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 347 Views
I too am unable to work out what distinguishes the two situations. Tim - 13/10/2010 11:54:15 PM 707 Views
I lost sleep over it, but I did it anyway. John - 13/10/2010 05:24:19 AM 839 Views
OK what if you take it a step further random thoughts - 13/10/2010 03:44:30 PM 787 Views
Good question John - 14/10/2010 05:13:41 AM 808 Views
I have some questions about this issue. MightyYT - 13/10/2010 08:14:37 AM 768 Views
how do those questions affect the morality of the situation? random thoughts - 13/10/2010 03:20:14 PM 727 Views
Obviously, the essential difference is can't pay versus won't pay. Elaine - 13/10/2010 02:16:07 PM 728 Views
are you socializing your debt when it is a private bank? random thoughts - 13/10/2010 03:14:48 PM 784 Views
You are when said bank requires a bailout. And very many of them do. Elaine - 13/10/2010 03:22:59 PM 748 Views
it is the home fault that the banks have to be bailed out random thoughts - 13/10/2010 03:49:37 PM 804 Views
I believe it immoral to do harm. Macharius - 13/10/2010 04:38:28 PM 824 Views
I really don't understand a system where this could be an advantage. Tim - 13/10/2010 11:16:57 PM 758 Views
There's generally something like a 7 or 10 year limit on credit reporting here. LiterateDog - 13/10/2010 11:46:58 PM 779 Views
What's the use of suing someone who has no money? *NM* Tim - 13/10/2010 11:48:47 PM 420 Views
You can garnish their wages. LiterateDog - 13/10/2010 11:49:36 PM 744 Views
With parsley? Rebekah - 13/10/2010 11:51:37 PM 822 Views
No, "someone" most certainly did not, wicked young Miss! Hmph! *NM* LiterateDog - 13/10/2010 11:52:40 PM 408 Views
If they suddenly come into some, you're entitled to it. *NM* TaskmasterJack - 14/10/2010 12:07:34 AM 484 Views
Bit of a long shot. *NM* Tim - 14/10/2010 12:09:12 AM 336 Views
Very. Best to cover your bases though. *NM* TaskmasterJack - 14/10/2010 10:04:25 PM 352 Views
Not if the doctrine of election applies. Tim - 14/10/2010 10:14:07 PM 726 Views
Are we not talking about credit companies going after people who owe them money? TaskmasterJack - 14/10/2010 10:18:47 PM 768 Views
Yeah, I guess we are. Tim - 14/10/2010 10:28:40 PM 811 Views
Re: Gaps - 14/10/2010 03:09:18 AM 756 Views
I am currently in that situation... damookster - 14/10/2010 05:03:23 AM 855 Views
In Washington you can contest the assessed value used to determine property taxes. Vodalus - 14/10/2010 07:27:02 AM 809 Views
Re: I am currently in that situation... Macharius - 14/10/2010 05:49:24 PM 1099 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 358 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 788 Views
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