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The Water Cooler
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Illegal or just unethical? Walking away from your mortgage...
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<blockquote data-quote="1shott" data-source="post: 1624587" data-attributes="member: 29"><p>Tough call in most cases. While not criminal, it is at least a civil matter. They entered a contract with a bank, part of the terms of agreement stated the house/land was collateral for the loan, stop paying the loan, the bank can legally come and take away the house/land and evict you.</p><p></p><p>I have recently went thru this with a house on my road, people bought house, move in, trash house, get the big home buyers check from the .gov, along with the tax breaks for 4 kids and went out and buys new ATVs for everyone in the house with the money. They then decide they dont want the house, fight amongst themselves and leave house, trashed and destroyed. Bank takes almost a year to reclaim the house, in which they returned several times to use the yard as a dump, I cant even describe the smell. Bank finally steps up and cleanes up the house and now has it listed for sale again, rinse and repeat...</p><p></p><p>Some people are not meant to be home owners.</p></blockquote><p></p>
[QUOTE="1shott, post: 1624587, member: 29"] Tough call in most cases. While not criminal, it is at least a civil matter. They entered a contract with a bank, part of the terms of agreement stated the house/land was collateral for the loan, stop paying the loan, the bank can legally come and take away the house/land and evict you. I have recently went thru this with a house on my road, people bought house, move in, trash house, get the big home buyers check from the .gov, along with the tax breaks for 4 kids and went out and buys new ATVs for everyone in the house with the money. They then decide they dont want the house, fight amongst themselves and leave house, trashed and destroyed. Bank takes almost a year to reclaim the house, in which they returned several times to use the yard as a dump, I cant even describe the smell. Bank finally steps up and cleanes up the house and now has it listed for sale again, rinse and repeat... Some people are not meant to be home owners. [/QUOTE]
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Illegal or just unethical? Walking away from your mortgage...
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