[bledsoe3]

This is a story about your credit and getting a job.
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[SportyandMisty]

Originally Posted by toddr5

Remember a mortgage is a contract. As such it has terms and conditions, many of them. The mortgage contract specifies what the penalties are if you do not make timely payments. There is NO ethical or moral dilema here. You are free to take any course of action that the mortgage deals with. One of those is paying on time the other deals with not making payments. As long as you are ready to abide by the mortgage terms you are doing the right thing morally. The mortgage is NOT just about you giving your word to pay it off it is also about what happens if you do not pay. As long as you stand up and will readily accept the consequences of non-paying you ARE living up to the terms of that contract.

Now imagine a world where, to get a mortgage, the industry implements terms that say if you walk away, you still owe. You move to another state, you still owe. You sell your property for less than the mortgage, you still owe. You declare bankruptcy & you still owe. You retire to social security & you still owe. Retire to a pension & you still owe.

Yep, still just the terms of the contract.

[olecapt]

Originally Posted by SportyandMisty

Now imagine a world where, to get a mortgage, the industry implements terms that say if you walk away, you still owe. You move to another state, you still owe. You sell your property for less than the mortgage, you still owe. You declare bankruptcy & you still owe. You retire to social security & you still owe. Retire to a pension & you still owe.

Yep, still just the terms of the contract.

Nah... right up there with debtors prison.

Not only does modern statute prevent that but so does common law.

Can't legally sell your soul to the devil either. Though that one may be out of the reach of case law.

[tony soprano]

Originally Posted by olecapt

Nah... right up there with debtors prison.

Not only does modern statute prevent that but so does common law.

What statute and/or common law would that be?

[olecapt]

Originally Posted by tony soprano

What statute and/or common law would that be?

You know your way around...find your own lawyer.

[tony soprano]

Originally Posted by olecapt

You know your way around...find your own lawyer.

I take that to mean no such statute exists but you thought you might as well throw it out there?

[olecapt]

Originally Posted by tony soprano

I take that to mean no such statute exists but you thought you might as well throw it out there?

I am aware of the NRS statutes involved as are you.

You don't need my guidance to find the right places.

Enjoy...

And yes they do exist...

And we should point out you live in California which has an even more interesting set of laws. .

You can expound on the difference between the two as you have expressed your expertise on the subject.

[tony soprano]

Originally Posted by olecapt

I am aware of the NRS statutes involved as are you.

You don't need my guidance to find the right places.

Enjoy...

And yes they do exist...

And we should point out you live in California which has an even more interesting set of laws. .

You can expound on the difference between the two as you have expressed your expertise on the subject.

The OP didn't state the current state of affairs, he offered a "what if" scenario. Hence, the term, "imagine a world".

Originally Posted by SportyandMisty

Now imagine a world where, to get a mortgage, the industry implements terms that say if you walk away, you still owe.

In the presented scenario, what specifically is right up there with debtor's prison?

[mellanieblue]

I love all the people who say "This is why you shouldn't buy a house you can't afford."
Honestly, who really can afford a house? People who live in Hollywood and star in movies, that's who.
No one who pays mortgage can "afford" the house, they are being loaned the house while they make payments, and are given that loan because they have what everyone believes is a steady job. Then when they suddenly and unexpectedly lose that job, everyone wants to look down on them.

[BayAreaNightmare]

Originally Posted by mellanieblue

I love all the people who say "This is why you shouldn't buy a house you can't afford."
Honestly, who really can afford a house? People who live in Hollywood and star in movies, that's who.
No one who pays mortgage can "afford" the house, they are being loaned the house while they make payments, and are given that loan because they have what everyone believes is a steady job. Then when they suddenly and unexpectedly lose that job, everyone wants to look down on them.

No one NEEDS a house..they can buy a condo much cheaper and affordable..they can rent an apartment...etc...

I think people get irritated when they hear others whining about losing their house like its a right! alot people cant afford even thinking about buying a house