[gpk9]

" ... and have been responsible ..."

There is a difference between being responsible and being wise.

One can be responsible in faithfully paying their mortgage payment on time.

But what if said home was purchased at an overly-inflated price in an overly inflated market, with no or extremely low down payment, and said overly-inflated market has since collapsed, and said home is now worth far less than the balance on said mortgage?

[dalereed]

“But what if said home was purchased at an overly-inflated price in an overly inflated market, with no or extremely low down payment, and said overly-inflated market has since collapsed, and said home is now worth far less than the balance on said mortgage? “

You still owe the amount of the contract and shouldn’t be relieved of the obligation to pay it in full.

I don’t believe that bankruptcy should be allowed for anyone under any circumstances.

[blam]

"But what if said home was purchased at an overly-inflated price in an overly inflated market, with no or extremely low down payment, and said overly-inflated market has since collapsed, and said home is now worth far less than the balance on said mortgage?"

How long have you know that you can't get something for nothing? I have no pity...assuming that's what you meant.

[MrPiper]

But what if said home was purchased at an overly-inflated price in an overly inflated market, with no or extremely low down payment, and said overly-inflated market has since collapsed, and said home is now worth far less than the balance on said mortgage?

Sounds exactly like every new car purchase in the (now)USSA. No one complains about that. Whats your point. A contract is a contract.

I'm 52 and have never purchased a new car for that reason. I've always bought used.

You buy a house to live in, not as a market hedge. If that is the reason for the purchase, you just joined the commodities market with all its inherent risk.

[Frantzie]

Ken Lewis - CEO wanted to make lots of loans to illegal aliens. All those mortgages now are going belly up, Pedro is driving his new pickup loaded with his flat screen TV and other loot back to Mexico. Bank of America will never collect on his truck loan and credit cards charged up to the max as he drives back to Mexico or other parts.

I thought Sarbanes Oxley was going to insure that these frauds would never occur. Stan O’Neil also did an incredible job destroying Merrill Lynch.