Comments on: Why You Should Walk Away From Your Mortgage and Credit Card Debts

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By: Josh @ Tax Attorneys

Josh @ Tax Attorneys — Thu, 25 Feb 2010 00:48:21 +0000

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By: Dotcom Note

Dotcom Note — Sun, 07 Feb 2010 15:39:11 +0000

I am not a lawyer. In some states defiencey judgement is not possible and practical. You should always consult a lawyer before doing anything. I just put my arguments against ethicality of walking away. My main point is, there is nothing unethical about walking away. There may be other considerations but ethics should not be one of them. People who advocate ethics, and “what children will think” kind of arguments have their own agenda and in many cases they are the most unethical people or under deep influence of releigion.

By: Jen Pearson

Jen Pearson — Sun, 07 Feb 2010 01:08:50 +0000

Now the banks have upped the ante, if you are thinking of “walking away”, be aware that although you have returned the collateral to the bank (the house) they may come back against you with what is called a “deficiency judgment” which is placed against you personally for the remainder of the loan. That is if you have an $800K mortgage and you walked away because the house is now worth $500K -the bank will likely sue you personally for the deficiency of $300K. Outrageous, yes. Just be aware that the bankers are creating a black market of cash and barter for many people who used to be middle class.