[quote=briansd1][quote=kicksavedave] Not paying because you no longer have the ability is one thing… stuff happens. Not paying even though you still have the ability, because you no longer feel good about the investment, or because paying is no longer convenient, is BS.
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Read the mortgage note again. There are no special provisions for job losses, medical expense and other “stuff” that happen.
What if I would rather spend my money on a vacation to Tahiti rather than paying the mortgage? Does that apply?
Should you pay your doctor and hospital before your pay your mortgage? Or vice versa? What about your alimony or child support?
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I’m not really sure if you’re agreeing with me, or with Eugene on this? To answer your hypothetical questions, you should pay them both, even if you have to be late and make smaller payments for a longer time.
My point is, if you lose your job through no fault of your own, and simply cannot pay your mortgage, then the provisions in your contract let the bank take the house back. That’s unfortunate but at times unavoidable. In cases where unforeseen medical issues force a person into an untenable financial situation, bankruptcy allows them a fresh start without them losing their home. I have a feeling that’s not the dilemma you are referring to though.
However if you make stupid investment decisions or simply spend unwisely and decide that you want to pay for your vacations instead of your mortgage, then I say you are acting in an unethical manner. The contract that gives the bank the right to repossess your house doesn’t mean your selfish and irresponsible behavior is some how “OK” or “ethical”. Its not.
People make choices all the time. Getting laid off isn’t a choice one makes voluntarily. Spending irresponsibly is. In some cases a person does everything within their power to pay for their home. In other cases people walk away simply because the economics of keeping it at their agreed upon payment isn’t pleasant anymore. That’s just unethical behavior in my opinion, and its a symptom of the overall decay in American society. Decay that manifests itself in many ways. But thinking that its ok to shirk ones legitimate debts is one of those ways.
