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"I simply cannot understand how people can say it's either immoral or unethical to walk away from a house" You signed a contract. That's what makes it unethic
by TGJ 16y ago
"I simply cannot understand how people can say it's either immoral or unethical to walk away from a house"
You signed a contract. That's what makes it unethical to walk away. You put yourself in the position that you are in. You may think you took a better job offer, but actually if you had considered your circumstances, the job offer was not that great because of the obligation to the mortgage company where you lived for the house that you bought.
You say that you could "barely" afford the mortgage payments which implies that you could afford them. The last paragraph of your response is just a list of excuses to make yourself feel better about the course of action that you have taken. Your part of the problem, not the solution.
- crpatino 16y agoThe contract carefully outlines what is it to happen in case the borrower finds himself unable to make payments. It is not as if he's stolen the money; he's loosing the property AND the percentage of mortgage payed so far. The lender is to keep all the cash received so far, and the ownership of the house as well. If the property happens to have been so overpriced that he's loosing money anyway... so bad. They are supposed to be professionals asserting the risk. If they chose to ignore those risk in order to push a deal more attractive to the customer/borrower, guess what, they gambled and they loose!
- moonpolysoft 16y agoDo you feel that bankruptcy is an unethical process? Perhaps we should bring back debtors prison? After all, miscreants like me put ourselves in this position. Should we not pay for our mistakes through indentured servitude if need be? Perhaps we ought to pass our debts on to our children.
- orangecat 16y agoYou signed a contract. That's what makes it unethical to walk away. Is it unethical to cancel a phone contract and pay the ETF? Your part of the problem, not the solution. He's helping home prices return to reasonable and affordable levels; I'd call that part of the solution.