If you have the ability to pay, I would consider it yet another immoral act in an immoral industry.
Joel Send a noteboard - 14/10/2010 07:49:38 AM
Someone tell me again how to reconcile the profit motive with "love of money is the root of all evil. " I'm not saying either position is correct, I'm just saying there's an obvious conflict, so trying to maintain both is nigh impossible. And, I'll not as an aside, the people RUNNING the GOP figured this out almost from Day One, so you can pretty much assume that when one of them gets up there talking about "Christian family values" they're selling something; selling crap for more than it's worth is the whole basis of the profit motive. If you're only getting out what you put in, there's no profit, and if you're getting out MORE than you put in then you're getting more than your share, which is profitable, but not exactly ethical.
So if you can still make the payments without difficulty, no, I can't see how it's moral to walk away from an obligation you voluntarily entered. On the other hand, there are penalties and contingencies associated with that, and if those consequences are acceptable to you, perhaps it is moral. A bigger question is whether it was moral to offer people mortgages KNOWING they would default (even though THEY didn't know) and what obligations the borrower is under in those circumstances. If someone knowingly gave me a loan they knew I couldn't repay, even if I thought I could, there's a school of thought that says you can't con an honest man and me walking away is something they expected anyway (hence the credit default swaps. )
So if you can still make the payments without difficulty, no, I can't see how it's moral to walk away from an obligation you voluntarily entered. On the other hand, there are penalties and contingencies associated with that, and if those consequences are acceptable to you, perhaps it is moral. A bigger question is whether it was moral to offer people mortgages KNOWING they would default (even though THEY didn't know) and what obligations the borrower is under in those circumstances. If someone knowingly gave me a loan they knew I couldn't repay, even if I thought I could, there's a school of thought that says you can't con an honest man and me walking away is something they expected anyway (hence the credit default swaps. )
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Last First in wotmania Chat
Slightly better than chocolate.
Love still can't be coerced.
Please Don't Eat the Newbies!
LoL. Be well, RAFOlk.
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
- 872 Views
Of course it's immoral.
12/10/2010 05:13:16 PM
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But does one sided morality work?
12/10/2010 05:38:56 PM
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You asked about the morality of walking away when the borrower still has the ability to pay.
12/10/2010 07:31:10 PM
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A company or organization cannot act morally or immorally? I strongly disagree. *NM*
12/10/2010 07:50:42 PM
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No, it cannot. However the individuals making the decisions for the company can. *NM*
12/10/2010 08:48:23 PM
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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
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I'm not absolved of my obligations based on the bad behaviors of others.
12/10/2010 08:25:33 PM
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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
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That's the only kind of morality there is! What the hell is wrong with you?
12/10/2010 08:15:55 PM
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nothing wrong with me but I think you are off your meds again
12/10/2010 09:34:33 PM
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Re: nothing wrong with me but I think you are off your meds again
15/10/2010 02:50:49 PM
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well I really can't argue with the wrong is wrong end of story belief system
15/10/2010 05:40:22 PM
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A contract isn't a promise; it's a legal agreement. *NM*
12/10/2010 06:25:24 PM
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Which is why contracts have to be pages and pages long and combed over by bloodsucking lawyers.
12/10/2010 06:39:18 PM
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I would agree with you if contracts didn't provide for breaking them.
12/10/2010 07:33:15 PM
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Hrm.
12/10/2010 07:35:38 PM
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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
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Let's assume we're talking about a marriage where no such oath was taken... *NM*
12/10/2010 08:10:54 PM
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if there is no oath of fidelity then straying would not be immoral *NM*
12/10/2010 08:40:53 PM
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It's not immoral to break the marriage contract.
12/10/2010 08:19:50 PM
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That must be why they have you sign something called an agreementory note *NM*
12/10/2010 07:33:32 PM
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I don't think it's immoral at all. The contract usually specifies penalties for breach.
12/10/2010 05:28:34 PM
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You didn't mention the third party
12/10/2010 08:26:56 PM
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in a way I did since I did mention society
12/10/2010 08:54:07 PM
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What if you look at it from the other perspective?
12/10/2010 09:00:20 PM
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Sure, you could do that.
13/10/2010 01:54:55 AM
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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
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As a professional in financial services - no, it is not.
13/10/2010 01:44:18 AM
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but almost nobody sees it that way
13/10/2010 12:53:25 PM
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Is the deal that if you default, the bank gets the house and nothing else, though?
13/10/2010 02:40:48 PM
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I think it's morally wrong to walk away from credit card debt. *NM*
13/10/2010 09:43:11 PM
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I agree, what do you think is different?
13/10/2010 09:59:36 PM
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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
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I too am unable to work out what distinguishes the two situations.
13/10/2010 11:54:15 PM
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I lost sleep over it, but I did it anyway.
13/10/2010 05:24:19 AM
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Obviously, the essential difference is can't pay versus won't pay.
13/10/2010 02:16:07 PM
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are you socializing your debt when it is a private bank?
13/10/2010 03:14:48 PM
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You are when said bank requires a bailout. And very many of them do.
13/10/2010 03:22:59 PM
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I really don't understand a system where this could be an advantage.
13/10/2010 11:16:57 PM
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There's generally something like a 7 or 10 year limit on credit reporting here.
13/10/2010 11:46:58 PM
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What's the use of suing someone who has no money? *NM*
13/10/2010 11:48:47 PM
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You can garnish their wages.
13/10/2010 11:49:36 PM
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With parsley?
13/10/2010 11:51:37 PM
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No, "someone" most certainly did not, wicked young Miss! Hmph! *NM*
13/10/2010 11:52:40 PM
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If they suddenly come into some, you're entitled to it. *NM*
14/10/2010 12:07:34 AM
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Bit of a long shot. *NM*
14/10/2010 12:09:12 AM
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Very. Best to cover your bases though. *NM*
14/10/2010 10:04:25 PM
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Not if the doctrine of election applies.
14/10/2010 10:14:07 PM
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Are we not talking about credit companies going after people who owe them money?
14/10/2010 10:18:47 PM
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I am currently in that situation...
14/10/2010 05:03:23 AM
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In Washington you can contest the assessed value used to determine property taxes.
14/10/2010 07:27:02 AM
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it is easy for me and others to be glib when it is just a theory *NM*
14/10/2010 08:19:16 PM
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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