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View Poll Results: Is It Ethical to Walk Out on a Mortgage?
Yes 27 13.37%
No 115 56.93%
Neither Ethical nor Unethical 60 29.70%
Voters: 202. You may not vote on this poll

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Old 01-14-2009, 01:43 PM
 
108 posts, read 145,345 times
Reputation: 100

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By walking out on a mortgage even when you are able to make payments, if barely, are you acting unethically?

Or are you simply fulfilling the terms of the contract you and the bank agreed to (which in most cases, is that if you did not make your payments, the bank could take your collateral, and that was the extent of the recovery the bank could receive)?

Last edited by sonoranrat; 01-14-2009 at 02:33 PM..
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Old 01-14-2009, 01:48 PM
 
1,788 posts, read 4,157,466 times
Reputation: 1234
If you do this, you're a deadbeat. And don't be so sure that "that's all the bank can take".
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Old 01-14-2009, 01:50 PM
 
1,827 posts, read 5,156,244 times
Reputation: 935
I voted...but this subject has been beaten to death.
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Old 01-14-2009, 01:50 PM
 
Location: Barrington
42,130 posts, read 31,888,636 times
Reputation: 14139
It's unethical.
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Old 01-14-2009, 01:55 PM
 
22,770 posts, read 25,273,140 times
Reputation: 14511
Yes, it is unethical. The individual signed a contract - a promise - and then willfully failed to hold up their end of the contract.

The fact that you are, in a literal sense, "Operating within the terms of the contract" might make it legal, but does not make it ethical.
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Old 01-14-2009, 02:01 PM
 
Location: Full time RV"er
2,403 posts, read 5,634,433 times
Reputation: 1459
Quote:
Originally Posted by middle-aged mom View Post
It's unethical.
NO ! unethical is what realtor and appraisel agents did falsely stating what a property was worth, as that the buyer could expect it to increase at least 20% per year .
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Old 01-14-2009, 02:09 PM
 
Location: Full time RV"er
2,403 posts, read 5,634,433 times
Reputation: 1459
Quote:
Originally Posted by rubber_factory View Post
Yes, it is unethical. The individual signed a contract - a promise - and then willfully failed to hold up their end of the contract.

The fact that you are, in a literal sense, "Operating within the terms of the contract" might make it legal, but does not make it ethical.
And the government officials that help to put us where we are now did nothing unethical ????
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Old 01-14-2009, 02:11 PM
 
Location: Full time RV"er
2,403 posts, read 5,634,433 times
Reputation: 1459
Quote:
Originally Posted by ZugZub View Post
If you do this, you're a deadbeat. And don't be so sure that "that's all the bank can take".
And i Guess that Donald Trump and others like him are dead beats also????
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Old 01-14-2009, 02:21 PM
 
22,770 posts, read 25,273,140 times
Reputation: 14511
Quote:
Originally Posted by Fighter 1 View Post
And the government officials that help to put us where we are now did nothing unethical ????
Do you think this justifies further unethical behavior?
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Old 01-14-2009, 02:38 PM
 
1,151 posts, read 2,620,184 times
Reputation: 247
Unethical. And very far from "fulfilling the terms of the contract." The lack of remedies does not define the obligation, it only says what can happen if you don't live up to your obligation. The fact that the bank has a remedy, in and of itself, shows that you are not fulfilling your obligations under the contract.
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