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.
I paid off my house, my car and every loan that I have ever made. I have never walked away from my responsibility. People who do are the reason we are in this mess!
I didn’t buy a new car, new house or try to keep up with my neighbors. I have lived in the same house for over twenty years, drove the same car for eighteen.
We paid off our business loan and we pay our employees every week WHAT WE OWE THEM (should we walk away from that too)?
I think you are on the wrong website. This is a conservative website where people take responsibily for the loans they make and repay what they signed a promise to pay.
Why should anyone ever trust this person again after he walked away from a PROMISE TO PAY.
BTW, I really don’t see what is so funny about it unless you think it’s funny he got away with not paying what he owed.