Is it Immoral to Walk Away from a House?

Many people are planning strategic foreclosures. They are walking away from houses that they can afford. Is this immoral?

Category:

News & Politics

Tags:

• foreclosures
• strategic
• walk
• away
• immoral
• wrong
• right

[DEMCAD2]

I think I'll start more discussions like this one.

[carveawoodeneye]

you haven't cheated any one you simply could not up hold your end of the contract!! and will have to pay the consequences of ending the contract ie no house losing all money invested and killing credit rating for future loans!!

the banks are not worried about morals when they are taking money stolen from us with force by our government!!

i think it's more a matter of people making bad decisions!! the house might not be worth much now but who ever buys it cheap will make a profit!!

[hawknest01]

A mortgage is a collateral loan, similar to a car loan. The lender (bank) places a lien on the property (house, car, etc.) to protect itself from non-payment of the loan. When you have a collateral loan, you promise (give your word) to either make the payments OR give the property to the lender. Walking away from a mortgage is choosing to give the property to the lender, as agreed on. You have not broken your word.

[Albacorewing]

@DEMCAD2 Dem it used to be very immoral to walk away from a mortgage. It is not any more. The banks broke the social compact when they made so many bad loans. I personally saw WaMu agents drawing up dozens of $500,000 loans for illegal alien unskilled day laborers who had no chance of ever making their payments. Due to this on a massive scale, property values have crashed. So why not walk away when the lender is trying to destroy you? Fortunately I have no debts to anyone or anything.

[Albacorewing]

@DEMCAD2 Dem it used to be very immoral to walk away from a mortgage. It is not any more. The banks broke the social compact when they made so many bad loans. I personally saw WaMu agents drawing up dozens of $500,000 loans for illegal alien unskilled day laborers who had no change of ever making their payments. Due to this on a massive scale, property values have crashed. So why not walk away when the lender is trying to destroy you? Fortunately I have no debts to anyone or anything.

[MrMentalflossed]

why i think people are justified in walking away.

i agree with you , i have always held my word is great import ,.. however, when banks change rates on people and the government changes the worth of their wages, they are not in the agreement they started in anyway for reasons beyond their control. so opting to walk away would be become an option even for a man like me.

[crass770]

Honor is a rare thing to come by nowadays

[Gitanu07]

it's part of the contract so it's not immoral, but the bank just creates 90% of the money it gives you on the back of the dollar and everyone who uses it, basically makes you promise you will work to produce that money for the system.

[comedicstuff]

@judutchinski - Only if it will result in a loss of pussy.

[comedicstuff]

@DigitalSkyline - True indeed.

[TacticalAce89]

I think that it was the persons fault for biting off more than they can chew and being greedy... Just because you can afford a half a million dollar house doesn't mean that you are forced to get it... Most people fall into that trap instead of living in a cheaper house that is comfortable and stable... The key is to save, just in case for whatever reason you can't make the bill from your job you still have money in the bank to pay for that month or more...

[kosai19]

Considering the blatant fraud being perpetrated by the banks I say it's moral. If you are being lied to how can morality apply?

[DigitalSkyline]

You know what else is immoral? Usury is.

Slavery is also immoral.

Being born in to a debt system... while it works for a while it's unsustainable. A ponzi scheme where you are born in to the bottom, and if your lucky you move your way up. Except that no one tells you the truth, everyone is clawing their way up the pyramid, and if you break their rules you end up in prison or dead.

They are trying to polish the turd known as the fed and everything they do now just makes it stink worse.