Hey, what works for developers, works for the little consumer...imho
Correct, two wrongs DO make a right./s
Yes, by all means, let’s encourage people to be irresponsible.
So your tagline is just a joke, right?
Developers don’t just walk away. The end up bankrupt. Returning the collateral (typically ALL of the developer’s assets) to the lender intact is a better solution than a pointless chapter 11 or a chapter 7. In either case (giving back the property or the chapter proceeding), the borrower typically doesn’t leave with assets that the lender has a right to. With the developer’s assets in hand, the income stream then goes directly to the lender.
The “little consumer” who “walks away” is often getting away with something the developer can’t - he has trashed the property and retains income (and sometimes assets) that were obligated to the lender. In any event, these “little consumers” aren’t victims, and the developers aren’t getting away with anything.