And guess which one didn't live up to the agreement that he signed?!
The idiot took the gamble with someone elses money that he borrowed and promised to pay back. Just because he lost doesn't mean that he still doesn't owe the money to the bank.
If he walks away then he is a crook in my opinion.
He still owes the money and what he has left isn't worth the balance of the mortgage. His decision was to borrow money and gamble with it. He lost.
The idiot took the gamble with someone elses money that he borrowed and promised to pay back. Just because he lost doesn't mean that he still doesn't owe the money to the bank.
You jest I am sure. If he walks away, then he doesn't owe any money to the bank. The bank keeps the house, which was the collateral for the loan. The terms and conditions in the loan agreement obtain. It is pretty simple. The same holds true if someone doesn't pay his car loan. The car is repossessed. The former owner is not expected to pay the remainder of the loan and lose the car to boot.
I thought you said you purchased property before. Take a look at the mortage agreement you signed.
And what do you do with the millions of people who have had to foreclose on their houses? Put them into debtor prison?
If he walks away then he is a crook in my opinion.
You are entitled to your opinion, just not your own facts.