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Old 07-15-2011, 04:53 PM
 
5,762 posts, read 11,615,068 times
Reputation: 3869

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Quote:
Walking away from a debt is immoral and theft.
Theft? I don't think the banks themselves would make that argument. Theft is a crime. Abrogating a contract and suffering the penalties described within the contract is just business.
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Old 07-15-2011, 05:07 PM
 
Location: California
11,466 posts, read 19,321,678 times
Reputation: 12713
Back in the 80's I bought a house with many hidden repairs needed I was upside down because of the needed repairs, after living there for many years I made all the repairs and sold the house foe what was owed and I lost money, I could have walked away but it was my fault for not looking closer at the home before buying.
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Old 07-15-2011, 08:48 PM
 
Location: NC
576 posts, read 585,263 times
Reputation: 276
Is breaking a contract wrong? Yes.
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Old 07-15-2011, 08:53 PM
 
Location: earth?
7,284 posts, read 12,900,631 times
Reputation: 8956
No . . . real estate is a long term investment. If you can afford your mortgage payments then I would continue to pay my mortgage. I think people that bail out are cheaters.
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Old 07-16-2011, 04:04 AM
 
5,365 posts, read 6,318,832 times
Reputation: 3360
Quote:
Originally Posted by Nomander View Post
/sarcasm

I know what you mean, this is a dog eat dog world and when it comes down to it, the concept is those who are left standing are those who win.

Yeah, I get you, what we are concerned with is survival. NOTHING else matters, that means if you or anyone else gets in the way of me breathing, regardless if my situation is of my complete and own doing, I blast them away, I will kill them, I will destroy them, because all that matters is that I survive! Screw everyone else and the fact I may have given my word, this is about me, and if I said I would save you and it comes up to me making a decision that would worsen me for such an obligation, then well... you die arsehole! That is how I roll, that is my means, that is my direction! I will screw anyone and everyone who gets in my way to achieving what it is I want and I don't care if I make bad decisions, I will lash out and DESTROY all those who get in my way of survival!!

/sarcasm off

Don't be surprised if people come to hang you from a tree.
What you stated within your sarcasm parameters is conservative ideology. I agree with you! And hang me from a tree? That is so humorous. ^_^
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Old 07-16-2011, 05:44 AM
 
Location: North Cackelacky....in the hills.
19,567 posts, read 21,836,416 times
Reputation: 2519
Quote:
Originally Posted by imcurious View Post
I think people that bail out are cheaters.
Who are they 'cheating' apart from themselves?
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Old 07-16-2011, 05:46 AM
 
Location: somewhere in the woods
16,880 posts, read 15,169,069 times
Reputation: 5239
Quote:
Originally Posted by Recovering Democrat View Post
If a homeowner owes more on their mortage than the home is currently worth, say

Mortgage: $200,000
Value: $100,000
Under water: $100,000

Would it be wrong for him/her to stop making payments and walk away?


morally it would be wrong, but as the courts have already ruled that morally does not mean the goverment has to do it, it would be ok.
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Old 07-16-2011, 06:06 AM
 
Location: East Lansing, MI
28,355 posts, read 16,317,241 times
Reputation: 10467
Quote:
Originally Posted by oz in SC View Post
Who are they 'cheating' apart from themselves?

The bank, for one. Also their neighbors (in all likelihood), as short-sales or bank-owned sales typically drive down property values for the entire neighborhood.
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Old 07-16-2011, 06:09 AM
 
Location: North Cackelacky....in the hills.
19,567 posts, read 21,836,416 times
Reputation: 2519
Quote:
Originally Posted by hooligan View Post
The bank, for one.
How is the bank 'cheated'?
The contract had the property as collateral,the bank is getting the property.


Quote:
Also their neighbors (in all likelihood), as short-sales or bank-owned sales typically drive down property values for the entire neighborhood.
You mean a person would have to adjust the price of their home to the new REALITY....if the home is worth the money,it is worth the money.

Also,I don't believe foreclosures can be used as comps when getting an appraisal to buy a home....
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Old 07-16-2011, 06:11 AM
 
Location: On the Chesapeake
45,113 posts, read 60,214,676 times
Reputation: 60714
Quote:
Originally Posted by oz in SC View Post
How is the bank 'cheated'?
The contract had the property as collateral,the bank is getting the property.



You mean a person would have to adjust the price of their home to the new REALITY....if the home is worth the money,it is worth the money.

Also,I don't believe foreclosures can be used as comps when getting an appraisal to buy a home....

Yes they can. The price reflects the new reality. As do short sales.
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