you and me both
Illegal or just unethical? Walking away from your mortgage...
- Thread starter VitruvianDoc
- Start Date
Where's _CY_ when you need him?
That we can agree on.
He's probably reading an article in the economist about government housing subsidies and wishing he could post it here.
Laws about being unethical...that would be longer than the .gov medical plan
It's only unethical when an everyday person walks away.
When a business walks away from an obligation it's called strategic default.
October 11, 2010
Mortgage Bankers Association Strategically Defaults on their $79,000,000 mortgage.
You may recall that the Mortgage Bankers Association did a strategic default on their headquarters in Washington DC last year.
Yes, you read that right they walked away. When the MBAs own building depreciated they made the financial decision to walk away.
Link
Link with Video
When a business walks away from an obligation it's called strategic default.
October 11, 2010
Mortgage Bankers Association Strategically Defaults on their $79,000,000 mortgage.
You may recall that the Mortgage Bankers Association did a strategic default on their headquarters in Washington DC last year.
Yes, you read that right they walked away. When the MBAs own building depreciated they made the financial decision to walk away.
Link
Link with Video
The illegal part that I was thinking was along the lines of Fraud. They intentionally took out the 2nd mortgage with the intention of ditching the house.
And as for more back for all the "here say" critics:
They moved in around Spring of '09 after economy had already been in the dumps, not pre crash. My reason for calling them white trash is for many reasons but to sum it up, I started taking their trash to curb for them. My bedroom windows faced their garage side of the house and they had a pile of about 15 green smelly trash bags of trash that even after numerous complaints, they would not haul to the curb for the trash truck to get. They have a lien against their house by the homeowners association for who knows how much because they never mowed or paid homeowners fees. They purposely removed the screens on the front windows of their house so their boys could leave through the windows as not to disturb that dad who lived out of the living room. I also found out they left their sons in the house for the last month by themselves and they have utterly trashed everything....
Anyways, I appreciate the input and for those who think I am being nosey or a pretentious neighbor, I am not. I just felt this is the core of what is driving the economy right now.
And as for more back for all the "here say" critics:
They moved in around Spring of '09 after economy had already been in the dumps, not pre crash. My reason for calling them white trash is for many reasons but to sum it up, I started taking their trash to curb for them. My bedroom windows faced their garage side of the house and they had a pile of about 15 green smelly trash bags of trash that even after numerous complaints, they would not haul to the curb for the trash truck to get. They have a lien against their house by the homeowners association for who knows how much because they never mowed or paid homeowners fees. They purposely removed the screens on the front windows of their house so their boys could leave through the windows as not to disturb that dad who lived out of the living room. I also found out they left their sons in the house for the last month by themselves and they have utterly trashed everything....
Anyways, I appreciate the input and for those who think I am being nosey or a pretentious neighbor, I am not. I just felt this is the core of what is driving the economy right now.
I agree. Leads back to the ol "two wrongs, don't make a right".
The thread wandered and became more about the practice of defaulting in general rather than about your specific case.
You mentioned the words in both the OP and your last post "with the intent" and that would be awful difficult to prove what someone intended to do.
Even if they stayed and paid the mortgage they would still be crappy neighbors.
I've had neighbors like that before and they owned their house outright with no mortgage at all.
Your parents are better off with them gone IMO and should celebrate.
You mentioned the words in both the OP and your last post "with the intent" and that would be awful difficult to prove what someone intended to do.
Even if they stayed and paid the mortgage they would still be crappy neighbors.
I've had neighbors like that before and they owned their house outright with no mortgage at all.
Your parents are better off with them gone IMO and should celebrate.
Don't get me wrong they are happy, but just the concept of the matter that is frustrating
Similar threads
