The damage to communities and the economy by defaulted debt is well understood. "Strategic defaults" exacerbate a bad situation and make it even worse for people who remain in their house, or for whom defaulting is not an option but a necessity being forced upon them. I don't think it immoral in itself, but through how it negatively affects everyone else.
Is walking away from a mortgage immoral?
- 12/10/2010 04:45:43 PM
1373 Views
Just as a contract is a two way street -
- 12/10/2010 05:12:09 PM
874 Views
Of course it's immoral.
- 12/10/2010 05:13:16 PM
844 Views
But does one sided morality work?
- 12/10/2010 05:38:56 PM
963 Views
You asked about the morality of walking away when the borrower still has the ability to pay.
- 12/10/2010 07:31:10 PM
765 Views
A company or organization cannot act morally or immorally? I strongly disagree. *NM*
- 12/10/2010 07:50:42 PM
388 Views
No, it cannot. However the individuals making the decisions for the company can. *NM*
- 12/10/2010 08:48:23 PM
330 Views
If banks can not behave in moral manner why should people be expected to behave in moral manner?
- 12/10/2010 08:07:56 PM
836 Views
I'm not absolved of my obligations based on the bad behaviors of others.
- 12/10/2010 08:25:33 PM
743 Views
Because it's their moral obligation. Morality is not a trade, you act morally because it is right
- 12/10/2010 08:47:41 PM
932 Views
That's the only kind of morality there is! What the hell is wrong with you?
- 12/10/2010 08:15:55 PM
789 Views
nothing wrong with me but I think you are off your meds again
- 12/10/2010 09:34:33 PM
784 Views
Re: nothing wrong with me but I think you are off your meds again
- 15/10/2010 02:50:49 PM
1281 Views
well I really can't argue with the wrong is wrong end of story belief system
- 15/10/2010 05:40:22 PM
984 Views
A contract isn't a promise; it's a legal agreement. *NM*
- 12/10/2010 06:25:24 PM
407 Views
Which is why contracts have to be pages and pages long and combed over by bloodsucking lawyers.
- 12/10/2010 06:39:18 PM
822 Views
I would agree with you if contracts didn't provide for breaking them.
- 12/10/2010 07:33:15 PM
679 Views
Hrm.
- 12/10/2010 07:35:38 PM
887 Views
did you take a personal oath in front of god and your loved ones to pay the loan back? *NM*
- 12/10/2010 08:09:07 PM
396 Views
Let's assume we're talking about a marriage where no such oath was taken... *NM*
- 12/10/2010 08:10:54 PM
410 Views
if there is no oath of fidelity then straying would not be immoral *NM*
- 12/10/2010 08:40:53 PM
383 Views
It's not immoral to break the marriage contract.
- 12/10/2010 08:19:50 PM
947 Views
That must be why they have you sign something called an agreementory note 
*NM*
- 12/10/2010 07:33:32 PM
407 Views
*NM*
- 12/10/2010 07:33:32 PM
407 Views
I don't think it's immoral at all. The contract usually specifies penalties for breach.
- 12/10/2010 05:28:34 PM
918 Views
You didn't mention the third party
- 12/10/2010 08:26:56 PM
704 Views
in a way I did since I did mention society
- 12/10/2010 08:54:07 PM
849 Views
What if you look at it from the other perspective?
- 12/10/2010 09:00:20 PM
855 Views
Sure, you could do that.
- 13/10/2010 01:54:55 AM
857 Views
The problem is that you're buying something today and paying for it for the next 15/30/50 years.
- 13/10/2010 03:04:26 PM
739 Views
As a professional in financial services - no, it is not.
- 13/10/2010 01:44:18 AM
806 Views
but almost nobody sees it that way
- 13/10/2010 12:53:25 PM
808 Views
Is the deal that if you default, the bank gets the house and nothing else, though?
- 13/10/2010 02:40:48 PM
800 Views
I think it's morally wrong to walk away from credit card debt. *NM*
- 13/10/2010 09:43:11 PM
382 Views
I agree, what do you think is different?
- 13/10/2010 09:59:36 PM
831 Views
The difference is that the bank owns the house. Whereas when I buy stuff, it's mine. *NM*
- 19/10/2010 07:05:34 PM
365 Views
I too am unable to work out what distinguishes the two situations.
- 13/10/2010 11:54:15 PM
762 Views
I lost sleep over it, but I did it anyway.
- 13/10/2010 05:24:19 AM
893 Views
Obviously, the essential difference is can't pay versus won't pay.
- 13/10/2010 02:16:07 PM
780 Views
are you socializing your debt when it is a private bank?
- 13/10/2010 03:14:48 PM
833 Views
You are when said bank requires a bailout. And very many of them do.
- 13/10/2010 03:22:59 PM
793 Views
I believe it immoral to do harm.
- 13/10/2010 04:38:28 PM
867 Views
I really don't understand a system where this could be an advantage.
- 13/10/2010 11:16:57 PM
812 Views
There's generally something like a 7 or 10 year limit on credit reporting here.
- 13/10/2010 11:46:58 PM
826 Views
What's the use of suing someone who has no money? *NM*
- 13/10/2010 11:48:47 PM
440 Views
You can garnish their wages.
- 13/10/2010 11:49:36 PM
789 Views
With parsley?
- 13/10/2010 11:51:37 PM
878 Views
No, "someone" most certainly did not, wicked young Miss! Hmph! *NM*
- 13/10/2010 11:52:40 PM
432 Views
If they suddenly come into some, you're entitled to it. *NM*
- 14/10/2010 12:07:34 AM
507 Views
Bit of a long shot. *NM*
- 14/10/2010 12:09:12 AM
357 Views
Very. Best to cover your bases though. *NM*
- 14/10/2010 10:04:25 PM
378 Views
Not if the doctrine of election applies.
- 14/10/2010 10:14:07 PM
774 Views
Are we not talking about credit companies going after people who owe them money?
- 14/10/2010 10:18:47 PM
821 Views
I am currently in that situation...
- 14/10/2010 05:03:23 AM
906 Views
In Washington you can contest the assessed value used to determine property taxes.
- 14/10/2010 07:27:02 AM
856 Views
it is easy for me and others to be glib when it is just a theory *NM*
- 14/10/2010 08:19:16 PM
379 Views
If you have the ability to pay, I would consider it yet another immoral act in an immoral industry.
- 14/10/2010 07:49:38 AM
832 Views